map Belarus
Lukashenko’s support for Russia’s invasion of Ukraine triggered fresh economic sanctions by major Western countries. Subsequently there has been a rapid deterioration in the economic situation and havoc on the financial markets. Being cut off from the West, Belarus sought aid from, and further economic integration with, Russia. However, the latter has limited resources to support its ally. Recession seems inevitable in 2022, and economic weakness will prevail in the following years as well.
Main Economic Indicators201920202021202220232024
Population, 1000 persons942093809303...
GDP, real change in %1.4-0.72.3-
GDP per capita (EUR at PPP)136701377014550...
Gross industrial production, real change in %1.0-0.76.5...
Unemployment rate - LFS, in %, average4.
Average gross monthly wages, EUR468450479...
Consumer prices, % p.a.
Fiscal balance in % of GDP2.4-1.70.2-4.0-2.0-1.0
Public debt in % of GDP41.047.541.2...
Current account in % of GDP-1.9-
FDI inflow, EUR m113912201039...
Gross external debt in % of GDP63.163.864.1...

Basic data are continuously updated.

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


Executive summary

Vasily Astrov
in: Overshadowed by War and Sanctions
wiiw Forecast Report No. Spring 2022, April 2022 , pp. I-VII


Monthly Report No. 1/2022

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Marcus How, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 1, January 2022
58 pages including 4 Tables and 21 Figures