Fiscal Balance in Belarus
Belarus - Fiscal Balance
Growth 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 - Fiscal Balance Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | 0.2 | 1.0 | 1.8 | 1.3 | 2.8 |
Belarus Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 2.10 | -0.36 % | May 13 |
| Stock Market | 0.1 | 0.0 % | May 13 |
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Economic News
Belarus: Inflation recedes in April
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.
Belarus: Central Bank stays put in May
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.
Belarus: Industrial production stays muted in March
April 18, 2019
Industrial production grew 0.9% year-on-year in the January-March period, matching January-February’s result.
Belarus: Growth slows to a near two-year-low in Q1
April 16, 2019
A preliminary estimate confirmed weak momentum from the second half of 2018 carried over into this year.
Belarus: Industrial production subdued in February
March 18, 2019
Industrial production grew 0.9% year-on-year in the January-February period, matching January’s result.
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