Express Analysis

Economic activity in Belarus remained near its historical peak in May 2025, significantly exceeding its balanced level.

Over the five months of 2025, GDP grew by 2.5% YoY, and in May separaterly – by ≈1.3% YoY. The volume of GDP (seasonally adjusted) remained close to the level of April 2025. Strong consumer demand and increased investment activity supported output. A decline in exports and the high import intensity of domestic demand limited GDP growth. Difficulties in sales on foreign markets are indicated by a reduction in wholesale trade and an increase in industrial inventories. Their volume relative to production reached the peaks of the pandemic year 2020.

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