Consumption in Belarus
Belarus - Consumption
GDP rebounds in 2021
According to a preliminary reading, GDP rose 2.3% over the previous year in 2021, rebounding from the 0.9% contraction registered in 2020.
Although a full breakdown is not yet available, annual data shows that industrial activity was buoyant, namely mining, manufacturing and electricity production. In addition, subsectors such as information and communication, wholesale and retail trade, and transportation also performed well. Less positively, both agricultural production and construction activity declined considerably.
Going into early 2022, a robust export sector should remain largely unaffected by sanctions, as shown by ballooning exports to the EU—which nearly doubled in 2021. That said, the moving of Russian troops to Belarus in mid-January for a military exercise and the risk of conflict with Ukraine pose a serious threat to activity in the region, and reflect an environment that is hostile to investment.
FocusEconomics Consensus Forecast panelists expect the economy to expand 1.4% in 2022, which is down 0.1 percentage points from last month’s forecast. For 2023, panelists see GDP growth at 1.7%.
Belarus - Consumption Data
|Consumption (annual variation in %)||-2.4||-3.2||4.8||8.0||4.7|
5 years of economic forecasts for more than 30 economic indicators.
|Exchange Rate||2.10||-0.36 %||Dec 31|
|Stock Market||0.1||0.0 %||Jan 07|
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April 1, 2022
The Belarusian ruble continued to lose ground against the U.S. dollar over the past month, plummeting to an all-time low of 3.33 per USD in mid-March, amid a spiraling sovereign debt crisis due to the fallout from the Russia-Ukraine war.
Belarus: Belarusian ruble collapses amid war in Ukraine; Central Bank hikes rate by 275 basis points to 12.00%
March 4, 2022
On 28 February, four days after war broke out in Ukraine, the National Bank of the Republic of Belarus had its first meeting in seven months.
February 16, 2022
Industrial output expanded 7.2% year-on-year in January (December: +4.3% yoy).
February 10, 2022
Consumer prices rose 1.53% over the previous month in January, picking up from December's 0.87% rise.
January 17, 2022
Industrial output increased 4.3% in year-on-year terms in December, which was above November's 2.7% increase.