Express Analysis. February 2025

Economic activity in Belarus remained high at the beginning of the current year. Belarus's GDP grew by 3.7% YoY in January 2025 after increasing by 4.7% YoY in December 2024. The GDP volume (seasonally adjusted) in January 2025 declined by ≈0.2–0.5% compared to December 2024 but remained near peak levels . A decline in energy generation due to record warm temperatures in January negatively impacted output. Consumer demand corrected downward after accelerated growth in November-December 2024. The manufacturing sector supported GDP at the beginning of the year, possibly receiving a temporary boost from significant budget injections in Russia in December 2024 – January 2025 as part of advance payments for government procurement.