Express Analysis
Express Analysis. March 2025
Over the first two months of 2025, GDP grew by 3.1% YoY, while separately in February – by ≈2.5% YoY after +3.7% YoY in January. The slowdown in annual growth was due to the calendar factor. Adjusted for seasonality, GDP volume in February increased significantly compared to January 2025, testing a new peak. February's output growth was supported by a substantial increase in energy generation (following a comparable decline the previous month) due to the climatic conditions of the 2025 winter, as well as a rise in construction activity, which tends to be volatile. Consumer demand remained significantly overheated in February but did not increase further. Demand for Belarusian products in the Russian market showed signs of weakening. Under these conditions, maintaining a high level of output in the manufacturing sector (albeit without growth compared to January) was accompanied by a significant accumulation of inventories.
