Economic activity slowed down abruptly in the second half of 2018 due to a combination of domestic and external factors. These include changes in Russia’s energy taxation system which affect Belarus. Private consumption remained the main growth driver thanks to rising income and a boom in consumer credit. There are no imminent threats to macroeconomic stability but the short-term prospects have deteriorated and the Belarusian economy is expected to slow down in the coming years.

map Belarus
Main Economic Indicators201620172018201920202021
Population, 1000 persons950294989484...
GDP, real change in %-
GDP per capita (EUR at PPP)132001340014000...
Gross industrial production, real change in %-
Unemployment rate reg., in %, end of period0.
Average gross monthly wages, EUR328377396...
Consumer prices, % p.a.
Fiscal balance in % of GDP1.53.04.1...
Public debt in % of GDP53.553.444.0...
Current account in % of GDP-3.4-1.7-0.4-2.5-2.6-2.7
FDI inflow, EUR mn113311301253...
Gross external debt in % of GDP83.369.067.3...

Basic data are continuously updated.

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


BELARUS: Growth set to slow down

Rumen Dobrinsky
in: Moving Into the Slow Lane
wiiw Forecast Report No. Spring 2019, March 2019 , pp. 62-66
Details and Buy


Monthly Report No. 6/2018

Vasily Astrov, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 6, June 2018
27 pages including 1 Table and 1 Figure