Express Analysis. June 2025

Economic activity in Belarus remained near its historical peak in May 2025, significantly exceeding its balanced level.

Over the five months of 2025, GDP grew by 2.5% YoY, and in May separaterly – by ≈1.3% YoY. The volume of GDP (seasonally adjusted) remained close to the level of April 2025. Strong consumer demand and increased investment activity supported output. A decline in exports and the high import intensity of domestic demand limited GDP growth. Difficulties in sales on foreign markets are indicated by a reduction in wholesale trade and an increase in industrial inventories. Their volume relative to production reached the peaks of the pandemic year 2020.

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