Current Account in Belarus
Belarus - Current AccountGrowth slowed further in Q1 2019 due to spillover effects from a trade quarrel with Russia over oil import taxes, which dented government revenue. Belarus has historically relied on tax-free oil imports, exported at a profit, to generate a key source of state income. Budget strains, owing to the quarrel, forced a slash in consumer subsidies, triggering higher inflation and a contraction in wholesale trade, which likely translated into slower household spending in the quarter. In addition, industrial production teetered in Q1 as a result of the spat with Russia, which, coupled with falling agricultural output, weighed on exports and bruised economic activity. Meanwhile, Moody’s confirmed its B3 credit rating with a stable outlook; however, it also lowered its macroeconomic projections owing to the import tax row.
Belarus - Current Account Data
|Current Account (% of GDP)||-10.1||-6.9||-3.2||-3.6||-1.7|
5 years of economic forecasts for more than 30 economic indicators.
Belarus Current Account Chart
Source: National Bank of the Republic of Belarus and FocusEconomics calculations.
|Exchange Rate||2.10||-0.36 %||May 13|
|Stock Market||0.1||0.0 %||May 13|
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May 17, 2019
Industrial production grew 2.1% year-on-year in April, accelerating from March’s 0.9% result, owing to stronger production in the manufacturing, and mining and quarrying sectors.
May 13, 2019
Consumer prices were stable over the previous month in April (March: +0.4% month-on-month), with lower prices for services offsetting higher prices for food and non-food goods.
May 3, 2019
At its 3 May meeting, the National Bank of the Republic of Belarus (NBRB) left the refinancing rate unchanged at an over decade-low 10.0%, in line with analysts’ expectations.
April 18, 2019
Industrial production grew 0.9% year-on-year in the January-March period, matching January-February’s result.
April 16, 2019
A preliminary estimate confirmed weak momentum from the second half of 2018 carried over into this year.