Belarus Economic Outlook
June 7, 2022
Economic conditions were improving prior to the outbreak of war in Ukraine, but have since seen a sharp moderation due to the impact of international sanctions. In March, annual GDP contracted for the time in over a year. Similarly, after hitting a multi-month high in January, industrial production swung into a marked contraction in February–March. Adding insult to injury, inflation hit a near seven year-high in March, weighing further on consumers’ purchasing power. In Q2, GDP continued to freefall in April, registering its sharpest contraction since December 2016 as the war raged on to the east and relentless sanctions by the West continued to strangle the economy. According to Prime Minister Nikolai Snopkov, the aforementioned sanctions will likely result in the loss of around one-third of the country’s exports, boding ill for the economy ahead.Belarus Economic Growth
Following the Russian invasion of Ukraine, our panelists sharply downgraded their growth forecasts for Belarus. GDP is projected to contract this year due to the impact of Western sanctions and the fallout from the war. This is expected to lead to a broad-based slowdown in the economy. A prolonged military campaign in Ukraine and additional sanctions pose downside risks. FocusEconomics panelists project the economy to contract 6.3% in 2022, which is down 0.2 percentage points from last month’s estimate. In 2023, GDP is expected to fall -0.4%.Belarus Economy Data
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Belarus Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 2.10 | -0.36 % | Dec 31 |
| Stock Market | 0.1 | 0.0 % | Jan 07 |
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Belarus Economic News
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Belarus: Inflation rises to highest level in nearly eight years in June
July 11, 2022
Consumer prices increased 1.13% over the previous month in June, accelerating from May's 0.72% increase.
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Belarus: Industrial activity contracts at record pace in May
June 17, 2022
Industrial output slid 11.0% compared to the same month of the previous year in May, which was a deterioration from April's 10.6% decrease.
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Belarus: Inflation hits highest figure in over 7 years in May
June 10, 2022
Consumer prices rose 0.72% from the previous month in May, slowing down from the 1.57% increase logged in April.
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Belarus: Industrial output contracts at sharpest pace on record in April
May 17, 2022
Industrial output contracted 10.6% year-on-year in April (March: -6.4% yoy).
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Belarus: Inflation comes in at highest level since January 2015 in April
May 15, 2022
Consumer prices rose 1.57% in April over the previous month, a smaller increase than the 6.05% increase logged in March.
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