Express Analysis

Belarus's economy continued to slow down in October 2025.

For the ten months of 2025, GDP grew by 1.5% YoY, and in October alone – by ≈0.6% YoY. The volume of GDP (seasonally adjusted) in October decreased by ≈1% compared to the September level and returned to the values of spring 2024. The key factor in the reduction of output was the decline in industrial production, the volume of which fell slightly below the levels of the second half of 2023. Weakening demand in Russia, combined with increased competition in the Russian market and the reached limit of involving free labor and capital in production, is hindering export-oriented sectors of the economy. Domestic demand in October increased due to the growth of investments in construction, while consumer activity stagnated amidst slowed lending and reduced consumer confidence.

Read the full study at the link.