GDP of Belarus in the first half of the year decreased by 4.2%

The GDP of Belarus in January-June 2022 amounted to 87.4 billion Belarusian rubles, which is 4.2% less in comparable prices than in the first half of 2021, the National Statistical Committee (Belstat) reported.

The recession in the economy of Belarus is deepening: in January-May, the decline was 3.4%, in January-April – 2.1%. The dynamics of the GDP of Belarus turned into a negative plane in the first quarter (a decrease of 0.4%), while in January-February, GDP grew by 1.2%, in January – by 2.7%.

The GDP deflator index in January-June was 116.3%.

The Ministry of Economy of Belarus has previously stated that it expects a recovery in GDP dynamics in the second half of the year due to the adaptation of the economy to sanctions, including through the reformatting of logistics and the restoration of exports, including the expected increase in supplies to Russia by a third this year.

The IMF expects Belarus’ GDP to decline by 6.4% this year, the EBRD – by 4%, the international rating agency S&P Global Ratings allows a fall of up to 15% against the backdrop of Western sanctions.

In 2021, the GDP of Belarus grew by 2.3% after declining by 0.9% in 2020 and increasing by 1.2% in 2019.

The official exchange rate as of July 18 is 2.5433 Belarusian rubles/$1.

Steve Walker

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