GDP in Belarus
Belarus - GDP
Growth slumps to three-year low in 2019
According to the first national accounts estimate released by Belarus’ Statistical Institute (Belstat), annual growth sunk to 1.2% in 2019 (2018: +3.1% year-on-year), marking the softest expansion since 2016. The annual reading suggested that growth picked up slightly in Q4 2019 compared to the previous quarter, although quarterly data has not yet been released by Belstat.
The annual downturn was largely broad-based, according to the Belstat release. The all-important manufacturing sector led the downturn, with deteriorations across the wholesale and retail trade, construction, and electricity, gas, steam, hot water and air conditioning supply sectors further weighing on the overall result. This more than offset a marked upturn in the agriculture, forestry and fishery sector.
The economy is expected to pick up momentum this year, thanks to an acceleration in government spending ahead of the elections and a less downbeat external sector. Reduced wage gains are set to weigh on private consumption growth, however, while fixed investment is likely seen losing traction amid deteriorating sentiment. Moreover, downside risks stem from bad loans in state-owned banks and uncertainty over economic and political relations with its largest ally, Russia.
FocusEconomics Consensus Forecast panelists project the economy to grow 1.8% in 2020, which is down 0.1 percentage points from last month’s projection. For 2021, the panel sees GDP increasing 1.9%.
Belarus - GDP Data
|Economic Growth (GDP, annual variation in %)||1.7||-3.8||-2.5||2.5||3.0|
5 years of economic forecasts for more than 30 economic indicators.
Belarus GDP Chart
Source: National Statistical Committee of the Republic of Belarus (BELSTAT).
|Exchange Rate||2.10||-0.36 %||Dec 31|
|Stock Market||0.1||0.0 %||Jan 07|
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February 18, 2020
Industrial production fell 5.8% on an annual basis in January, swinging from the previous month’s 4.3% expansion and marking the sharpest contraction since November 2015 amid a broad-based downturn.
February 12, 2020
At its 12 February meeting, the National Bank of the Republic of Belarus (NBRB) trimmed the refinancing rate by 25 basis points to an all-time low of 8.75%.
February 10, 2020
Consumer prices rose 0.9% over the previous month in January, accelerating slightly from December’s 0.5% uptick and marking the strongest increase in nearly a year.
January 28, 2020
According to the first national accounts estimate released by Belarus’ Statistical Institute (Belstat), annual growth sunk to 1.2% in 2019 (2018: +3.1% year-on-year), marking the softest expansion since 2016.
January 17, 2020
Industrial production jumped 4.3% on an annual basis in December, accelerating from the 1.7% increase logged in November. December’s print marked the strongest increase since September 2018 and was chiefly driven by robust output growth in the all-important manufacturing sector.