Belarusian Economy Shows Resilience Amid Global Slowdown

Strategic Insights -

The Republic of Belarus' economy continues to grow, driven by sectors such as construction and information and communications, with a GDP growth rate of 102.1% in the first six months of the year. This growth is despite the global economic slowdown and unfavorable weather conditions affecting the agriculture sector. Retail turnover has increased by 9.0%, thanks to the growth of real incomes of the population, while investment in fixed assets continues to rise, with a 14% increase in the first half of the year.

Key Takeaways:

  • The GDP growth rate for the first six months of the year was 102.1%, driven by sectors such as construction and information and communications.
  • Construction was the fastest-growing industry, with a 110.8% increase, while information and communications grew by 104.8%.
  • Retail turnover increased by 9.0% in the first half of the year, due to the growth of real incomes of the population.
  • Investment in fixed assets continued to rise, with a 14% increase in the first half of the year, driven by expenses on the acquisition of machinery and equipment, which increased by over 20%.
  • The construction sector showed high dynamics, with 1848.5 thousand square meters of housing put into operation in the first six months, representing 109.5% of the level of the same period last year.
  • Exports of goods and services continued to grow, with an increase of 15.7% in the first five months of the year.
  • Deliveries to the countries of the "far arc" continued to increase, with growth rates of 1.6 times to African countries, almost 1.7 times to Latin American countries, and 25% to Southeast and Central Asia.
  • The export of services showed rapid growth, with a 15.7% increase in January-May 2025.

Statistics:

  • GDP growth rate (first six months): 102.1%
  • Growth rate of construction: 110.8%
  • Growth rate of information and communications: 104.8%
  • Retail turnover increase (January-June): 9.0%
  • Growth rate of real incomes of the population (January-May): 10.5%
  • Increase in investment in fixed assets (January-June): 14%
  • Increase in expenses on the acquisition of machinery and equipment: over 20%
  • 1848.5 thousand square meters of housing put into operation (first six months): 109.5% of the level of the same period last year
  • Export growth (first five months): 15.7%
  • Growth of deliveries to African countries: 1.6 times
  • Growth of deliveries to Latin American countries: almost 1.7 times
  • Growth of deliveries to Southeast and Central Asia: 25%
  • Average labor pension (January-May): 916 rubles
  • Salaries (January-May): 2,546.3 rubles

Sources:

  • Ministry of Economy of the Republic of Belarus
  • Belstat