Express Analysis. September 2023

The Belarusian economy remained overheated in August. GDP grew by 3.1% (YoY) over the eight months of 2023, including a ≈4.3% growth (YoY) in August 2023. The slowdown in annual growth from ≈7.6% (YoY) in July is mainly explained by a decrease in agricultural output due to a lower grain harvest versus 2022. At the same time, the gross harvest of grain crops this year is generally comparable to the 2019 and 2021 harvests.