Current Account in Belarus
Belarus - Current Account
The economy contracted for the first time in over three years in Q1 2020, following a healthy expansion in Q4 2019. Industrial production fell markedly in Q1, which, coupled with shrinking merchandise exports in January–February, spearheaded the overall contraction. On a slightly more positive note, an acceleration in retail sales in Q1 suggests consumer spending has held up reasonably well despite a depreciating ruble, as the government resisted growing international pressure to impose lockdown measures and kept the economy largely open for business. Turning to Q2, the economic backdrop seems to have worsened further: Despite the absence of strict restrictions, both household spending and investment activity likely tanked in April on deteriorating sentiment as the number of confirmed Covid-19 cases ballooned. On the external front, widespread lockdowns and damaged global supply chains seemingly continued to weigh on exports through April.Belarus - Current Account Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | -3.1 | -3.4 | -1.7 | 0.0 | -1.8 |
Belarus Current Account Chart
Source: National Bank of the Republic of Belarus and FocusEconomics calculations.
Belarus Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 2.10 | -0.36 % | Dec 31 |
| Stock Market | 0.1 | 0.0 % | Jan 07 |
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Economic News
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Belarus: Central Bank cuts refinancing rate to fresh record low in June
June 22, 2020
At an emergency meeting on 22 June, the National Bank of the Republic of Belarus (NBRB) trimmed the refinancing rate by 25 basis points to an all-time low of 7.75%, effective on 1 July.
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Belarus: Industrial output decreases in May
June 17, 2020
Industrial production declined 4.3% year-on-year in May (April: -7.1% yoy).
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Belarus: Inflation moderates in May
June 11, 2020
Consumer prices dipped 0.1% in May over the last month, contrasting April’s 0.6% increase.
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Belarus: Inflation rises in June
June 10, 2020
Consumer prices increased 0.19% over the previous month in June, contrasting the 0.10% fall logged in May.
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Belarus: Industrial output drops at sharpest pace since November 2015 in April
May 18, 2020
Industrial production nosedived 7.1% year-on-year in April (March: -1.5% year-on-year).
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