map Belarus
The restoration of economic relations with Russia has outweighed the negative effect of the Western economic sanctions. Economic growth has been higher than expected, but the upturn has been accompanied by a surge in inflation. Belarus has taken an important step towards closer economic integration with Russia by signing 28 integration programmes. The figures for 2021 have improved slightly, and GDP is expected to grow by some 2.5% for the year as a whole. However, the prospects for the coming years remain bleak.
Main Economic Indicators201820192020202120222023
Population, 1000 persons943994209380...
GDP, real change in %3.11.4-
GDP per capita (EUR at PPP)131901366013740...
Gross industrial production, real change in %5.71.0-0.7...
Unemployment rate - LFS, in %, average4.
Average gross monthly wages, EUR405468450...
Consumer prices, % p.a.
Fiscal balance in % of GDP4.02.4-1.7-2.0-2.0-1.0
Public debt in % of GDP47.541.046.3...
Current account in % of GDP0.0-1.9-
FDI inflow, EUR m121211391220...
Gross external debt in % of GDP67.363.163.8...

Basic data are continuously updated.

* Forecasts are changed beginning of April, July and November.
See Press Conferences.


Executive summary

Vasily Astrov
in: Recovery Beating Expectations
wiiw Forecast Report No. Autumn 2021, October 2021 , pp. I-VI


Monthly Report No. 9/2021

Vasily Astrov, Rumen Dobrinsky, Olga Pindyuk and Leon Podkaminer
wiiw Monthly Report No. 9, September 2021
49 pages including 28 Figures