Belarus: Industrial production growth moderates in March

Industrial production growth eased from February’s multi-year high of 10.9% year-on-year to a more moderate 7.6% in March. Meanwhile, annual average industrial production growth edged up to 7.4% in the month, from February’s 7.3%, marking the highest reading since August 2012.

Industrial production rose 9.4% in annual terms in the first quarter. Robust growth was led by a booming manufacturing sector, which expanded at a double-digit pace. Leading the overall expansion of the manufacturing industry was the manufacturing of machinery and equipment, as well as of coke and refined petroleum products, both of which jumped over 20% year-on-year.

Electricity, gas, steam, hot water and conditioning supply also grew notably in the first quarter of 2018, logging an annual growth rate of 7.5%. Meanwhile, mining and quarrying output, and water supply, waste management and remediation activities expanded modestly, seemingly gaining momentum following the contractions both sectors recorded in the first month of the year.

Belarus Industrial Production Forecast

FocusEconomics Consensus Forecast panelists project that industrial production will expand 4.2% in 2018, which is up 0.2 percentage points from last month’s forecast. For 2019, panelists expect industrial production to rise 3.4%.