The Belarus economy is undergoing a painful adjustment and a prolonged recession. In 2016, GDP plunged by 2.6%, after falling by 3.8% the previous year. A dispute with Russia over the pricing of gas provoked Russia to reduce its oil supplies, which hit the Belarusian processing industry and exports. At the same time, a change in policy helped lower inflation. The final months of the year brought some positive signs that growth may resume in the coming years.
|Main Economic Indicators||2014||2015||2016||2017||2018||2019|
|Population, 1000 persons.||9475||9490||9500||.||.||.|
|GDP, real change in %||1.7||-3.8||-2.6||0.5||1.6||2.2|
|GDP per capita (EUR at PPP)||13900||13700||13500||.||.||.|
|Gross industrial production, real change in %||2.0||-6.6||-0.4||.||.||.|
|Unemployment rate reg., in %, end of period||0.5||1.0||0.8||1.0||1.0||1.0|
|Average gross monthly wages, EUR||458||377||328||.||.||.|
|Consumer prices, % p.a.||18.1||13.5||11.8||10.0||9.0||8.0|
|Fiscal balance in % of GDP||1.3||1.4||1.0||.||.||.|
|Public debt in % of GDP||38.4||38.7||39.2||.||.||.|
|Current account in % of GDP||-6.7||-3.3||-3.6||-3.5||-4.4||-4.5|
|FDI inflow, EUR mn||1445||1506||1131||.||.||.|
|Gross external debt in % of GDP||54.1||69.4||84.0||.||.||.|
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
BELARUS: Turning the corner?
in: Cautious Upturn in CESEE: Haunted by the Spectre of Uncertainty
wiiw Forecast Report No. Spring 2017, March 2017 , pp. 46-50 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