Belarus: Economy downshifts in Q3
According to a second release by the National Statistical Committee (Belstat), the economy cooled in the third quarter on the heels of robust gains in the second quarter. The headline reading came in at 2.2% year-on-year, down from the second quarter’s 3.9% increase and chiefly on the back of a slowdown in the domestic economy.
As the recovery approaches its two-year mark, the economy appears to have shifted into a lower gear amid ailing fixed investment and moderating consumption. Fixed investment eased and logged a 5.7% year-on-year increase (Q2: 7.0% year-on-year). Meanwhile, household spending came in at 7.1% growth annually, decelerating from a revised 8.3% a quarter earlier (previously reported: +10.3% yoy). Moreover, government spending contracted for another quarter although at a slower pace (Q3: -0.8% yoy, Q2: -1.6% yoy).
On the external front, exports accelerated marginally on an annual basis compared to the previous quarter (Q3: +2.4% yoy, Q2: +2.3% yoy) whereas imports rose 3.9%, having lost momentum from the second quarter (Q2: +5.9% yoy).