The recession in Belarus has continued for the second year running. GDP dropped by 2.5% in the first half of 2016. Balance of payments constraints have compelled Belarus to pursue macroeconomic austerity policies, which dampened economic activity. The country’s problems have been compounded by a dispute with Russia over gas prices. GDP growth in 2016 as a whole will be negative and the recession will most likely continue into 2017.
|Main Economic Indicators||2013||2014||2015||2016||2017||2018|
|Population, 1000 persons.||9466||9475||9490||.||.||.|
|GDP, real change in %||1.0||1.7||-3.9||-2.8||-0.9||1.6|
|GDP per capita (EUR at PPP)||13300||13700||13500||.||.||.|
|Gross industrial production, real change in %||-4.9||2.0||-6.6||.||.||.|
|Unemployment rate reg., in %, end of period||0.5||0.5||1.0||1.1||1.1||1.1|
|Average gross monthly wages, EUR||428||458||377||.||.||.|
|Consumer prices, % p.a.||18.3||18.1||13.5||12.0||11.0||10.0|
|Fiscal balance in % of GDP||0.2||1.3||1.4||.||.||.|
|Public debt in % of GDP||37.6||39.8||40.0||.||.||.|
|Current account in % of GDP||-10.5||-6.9||-3.8||-2.3||-1.8||-1.2|
|FDI inflow, EUR mn||1703||1445||1506||.||.||.|
|Gross external debt in % of GDP||52.5||56.0||71.7||.||.||.|
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
BELARUS: No end to the recession in sight
in: Labour Shortages Driving Economic Growth?
wiiw Forecast Report No. Autumn 2016, November 2016 , pp. 47-50 Details and Buy
Monthly Report No. 7-8/2016
Vasily Astrov, Serkan Çiçek, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Simona Jokubauskaite, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July-August 2016
25 pages including 1 Table and 1 Figure