Macroeconomic Environment

  • Annual
  • Quarterly
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Indicator

Unit

2016

2017

2018

2019

2020

2021

2022

2023

Nominal GDP

BYN mn

94,949 105,748  122,320 134,732 149,721 176,879 193,741 216,100
Nominal GDP [1]

USD mn

47,749 54,741  60,061 64,422 61,490 69,687 73,950 72,005
Nominal GDP per capita

USD per annum

5,035 5,787  6,363 6,839 6,555 7,491 8,014 7,845
Real GDP growth rate

%

-2.5% 2.5%  3.1% 1.4% -0.7% 2.4% -4.7% 3.9%
Industrial production index, y-o-y

%

99.6% 106.1%  105.7% 101.0% 99.3% 106.5% 94.6% 107.7%
USD/BYN exchange rate, e-o-p

-

1.96 1.97  2.16 2.10 2.58 2.55 2.74 3.18
USD/BYN exchange rate, average

-

1.99 1.93  2.04 2.09 2.43 2.54 2.62 3.00
Consumer price index, y-o-y

%

111.8% 106.0%  104.9% 104.7% 105.5% 109.5% 115.2% 105.1%
Food price index, y-o-y

%

110.4% 107.0%  104.0% 104.3% 104.6% 109.4% 116.5% 106.3%
Population, e-o-p

ths

9,470 9,448 9,429  9,410 9,350 9,256 9,201 9,156
% of urban population

%

76.9% 77.1% 77.3%  77.6% 77.9% 78.1% 78.4% 78.6%
Unemployment rate, e-o-p

%

0.8%
0.5%  0.3% 0.2% 0.2%
0.1%
0.1%
0.1%
Disposable cash incomes of households

BYN mn

58,705 64,107  72,787 81,659 90,189 101,383 113,741 129,221
Real disposable cash incomes of households growth rate, y-o-y

%

-6.9% 2.8% 7.9% 6.1% 4.7% 2.1% -3.6% 6.3%
Nominal average monthly wage

BYN

722.7 815.2  958.1 1,090.9 1,250.9 1,434.4 1,630.9 1,902.3
Real wage growth rate, y-o-y

%

-4.0% 6.2%  11.6% 7.3% 8.2% 4.4% -1.8% 11.0%
Disposable income, per month per household

BYN

962.3 1,043.5  1,217.0 1,357.5 1,459.8 1,599.4 1,781.5 2,079.3
including disposable cash income, per month per household

BYN

906.3 980.9  1,149.3 1,290.3 1,391.2 1,523.9 1,696.6 1,988.9
Consumer expenses, per month per household

BYN

677.7 756.2  872.3 966.5 1,063.7 1,129.2 1,249.1 1,429.5
share of disposable cash spent on consumer expenses

%

74.8% 77.1%  75.9% 74.9% 76.5% 74.1% 73.6% 71.9%
share of food (incl. alcohol and tobacco) in consumer expenses

%

44.8% 43.7%  41.9% 41.5% 41.8% 42.7% 42.2% 41.2%
Retail turnover

BYN mn

36,923 40,237  45,165 49,558 53,539 60,067 68,059 76,357
Food retail turnover

BYN mn

18,845 20,383  22,186 24,083 26,197 29,137 34,363 37,254
share of food (incl. alcohol and tobacco) in total retail turnover

%

51.0% 50.7%  49.1% 48.6% 48.9% 48.5% 50.5% 48.8%

Source: National Statistical Committee, National Bank of the Republic of Belarus

[1] Nominal GDP in USD is calculated by dividing the nominal GDP in BYN by the average exchange rate of the Belarusian ruble to USD for the reporting period.

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Indicator

Unit

Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
Nominal GDP BYN mn 44,311 44,578 52,832 52,020 46,840 51,083 59,042 59,135 53,017
Nominal GDP [1] USD mn 15,931 16,952 20,529 20,785 17,020 17,429 18,777 18,486 16,517
Nominal GDP per capita

USD per quarter

1,721 1,832 2,218 2,246 1,850 1,894 2,041 2,009 1,804
Real GDP growth rate, cumulative from the year beginning, y-o-y

%

-0.1% -4.2% -4.6% -4.7% -1.9% 2.1% 3.6% 3.9% 4.1%
Industrial production index, y-o-y % 100.2% 94.8% 93.9% 94.6% 101.8% 106.0% 108.1% 106.5% 106.5%
USD/BYN exchange rate, e-o-p - 2.97 2.52 2.48 2.74 2.86 3.03 3.29 3.18 3.25
USD/BYN exchange rate, average - 2.78 2.63 2.57 2.50 2.75 2.93 3.14 3.20 3.21
Consumer price index, in the last month of the quarter, y-o-y % 115.9% 117.6% 117.4% 112.8% 106.0% 102.9% 102.0% 105.8% 102.2%
Food price index, in the last month of the quarter, y-o-y % 115.6% 119.6% 118.3% 113.8% 109.2% 103.6% 102.4% 106.8% 100.5%
Unemployment rate, e-o-p % 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Real disposable cash incomes of households growth rate, cumulative from the year beginning, y-o-y
% 0.0% -2.8% -3.9% -3.6% 0.3% 3.9% 5.8% 6.3% 9.1%
Nominal average monthly wage BYN 1,554 1,589 1,651 1,731 1,731 1,861 1,948 2,071 2,066
Real wage growth rate, y-o-y % 4.5% -4.7% -4.6% -1.8% 1.7% 13.1% 15.3% 13.8% 13.0%
Share of food (incl. alcohol and tobacco) in consumer expenses % 42.3% 43.8% 41.1% 41.8% 43.0% 42.5% 39.7% 39.9% 41.4%
Retail turnover BYN mn 15,791 16,615 17,923 17,729 16,599 18,923 19,785 21,050 19,665
Food retail turnover BYN mn 7,666 8,550 8,897 8,584 8,393 9,391 9,671 9,799 9,567
Share of food (incl. alcohol and tobacco) in total retail turnover % 48.5% 51.5% 49.6% 48.4% 50.6% 49.6% 48.9% 46.6% 48.6%

Source: National Statistical Committee, National Bank of the Republic of Belarus

[1] Nominal GDP in USD is calculated by dividing the nominal GDP in BYN by the average exchange rate of the Belarusian ruble to USD for the reporting period.