Express Analysis. April 2023

Belarusian GDP kept recovery dynamics in March. GDP decreased by 2.1% (YoY) in Q1-2023. In particular, output increased by ≈0.7% (YoY) in March after declining by ≈1.9% (YoY) in February. A partial output recovery because of the economy’s adaptation to the imposed sanctions and image shocks allowed the growth rate (YoY) to reach a positive zone: the GDP volume of March 2023 was compared with the low value of March 2022. The GDP volume (seasonally adjusted) increased by ≈0.6—0.7% versus February. Thus, the output remained on a recovery trajectory. This was facilitated by continued growth in the industrial production and in the adjacent wholesale trade sector. The decline in the ICT sector and weak dynamics in the transport sector had a dampening effect on GDP