Express Analysis. August 2023

Belarus’ GDP is losing its growth momentum. GDP grew by 2.9% (YoY) over the seven months of 2023, including a ≈7.6% growth (YoY) in July 2023. High annual growth rates reflect the earlier success of households and businesses in adapting to operating in new realities, the effects of loose monetary policy, and the temporary positive impact of an earlier launch of the harvesting campaign compared to 2022. The agricultural sector will start restraining the GDP dynamics in August already due to a noticeable shortfall in grain crop yields in 2023.