Belarus GDP Q2 2016


Contraction in GDP continues to ease in Q2

In Q2, GDP decreased 1.4% over the same quarter last year (Q1: -3.7% year-on-year), according to data released by the National Statistical Committee (Belstat) on 30 September. Belarus remains stuck in recession but the fact that Q2’s result marked the smallest contraction in six quarters was welcome news.

Private consumption fell 2.1% in annual terms in Q2, deteriorating from Q1’s 1.1% decline. Government spending slowed from a 0.8% increase in Q1 to a modest 0.2% rise in Q2. Gross fixed capital formation plummeted 11.2% in Q2, though this was an improvement on Q1’s drastic 25.4% decline.

The Statistical Institute did not release a detailed breakdown of the components of the external sector in Q2, nor did it specify the contribution of the external sector to GDP.

FocusEconomics Consensus Forecast panelists expect the economy to contract 1.9% in 2016, which is down 0.1 percentage points over the previous month’s projection. For 2017, the panel sees GDP increasing 0.8%.

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Belarus GDP Chart

Belarus GDP Q2 2016

Note: Year-on-year changes of GDP in %.
Source: National Statistical Committee of the Republic of Belarus and FocusEconomics Consensus Forecast.

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