Belarus

map Belarus
In H1 2025, GDP grew by 2.1% year on year, broadly in line with earlier expectations of a slowdown, despite government efforts to stimulate domestic demand. Initially, political considerations impelled the authorities to aim for higher growth in 2025 than would have been natural, given the poor foreign demand and the accumulated macroeconomic imbalances. However, they now seem more accepting of a slow-growth environment and are placing more emphasis on taming inflation. This approach will likely result in GDP growth falling below 2% in 2026-2027, with somewhat heightened inflation in the 6-7% range.
        FORECAST*
Main Economic Indicators202220232024202520262027
Population, 1000 persons922891789133...
GDP, real change in %-4.74.14.02.01.61.4
GDP per capita (EUR at PPP)178202000021080...
Gross industrial production, real change in %-5.47.75.4...
Unemployment rate - LFS, in %, average3.63.53.02.72.83.0
Average gross monthly wages, EUR593590652...
Consumer prices, % p.a.15.25.15.76.77.16.2
Fiscal balance in % of GDP-1.51.21.30.0-0.5-0.5
Public debt in % of GDP42.040.640.0...
Current account in % of GDP3.6-1.4-2.6-3.3-4.3-3.4
FDI inflow, EUR m152918421605...
Gross external debt in % of GDP53.249.247.7...


Basic data are continuously updated.

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

publication_icon

Monthly Report No. 7-8/2025

Vasily Astrov, Alexandra Bykova, Selena Duraković, Meryem Gökten, Richard Grieveson, Maciej Grodzicki, Ioannis Gutzianas, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Dzmitry Kruk, Sebastian Leitner, Isilda Mara, Emilia Penkova-Pearson, Olga Pindyuk, Sandor Richter, Marko Sošić, Bernd Christoph Ströhm and Maryna Tverdostup
wiiw Monthly Report No. 7-8, July-August 2025
38 pages including 5 Tables and 3 Figures

Details

publication_icon

Executive summary

Olga Pindyuk
in: The Crisis is Over, but its Scarring Effects are Hindering Recovery
wiiw Forecast Report No. Spring 2024, April 2024 , pp. I-VII
Details


top