Macro - Country Economic Forecasts - Belarus
We nudged up our 2024 growth forecast for Belarus to 2.2% from 1.9%. We've also cut our forecast to 1.5% for next year, from 1.8%. The changes to our forecast reflects the strength of recent GDP data and continued robustness of the Russian economy. Data indicate a further increase in industrial output, which grew 14.9% y/y in Q2 2024 on the back of 11.4% in Q1 2024, while the construction sector's gross valued added grew 4.3% y/y in Q1 2024. Our forecast for 2023 of 3.7% was only marginally below actual growth of 3.8% y/y.
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