The IPM Research Centre has started to issue the bulletin ‘Belarusian Monthly Economic Review’ under expert support of the German Economic Team in October 2002. The bulletin reviews recent developments in political and economic life of the country, covering real sector, structural trends, external sector, public finance, monetary policy, and banking sector. Additionally, the bulletin contains statistical appendix with the main macroeconomic
indicators of Belarus.


Belarusian Monthly Economic Review, №1(88), January 2010

• Belarus and Russia failed to agree the conditions of oil supply in 2010.
• The fall in industry decelerated.
• The foreign trade environment worsened.
• NBB opened credit lines for state banks.

January 2010.pdf

Belarusian Monthly Economic Review, №12(87), December 2009

• Belarus, Russia and Kazakhstan agreed customs tariff.
• Deceleration of growth in agriculture.
• The conditions of Russian energy supply were negotiated.
• Non-performing loans are growing.

December 2009.pdf

Belarusian Monthly Economic Review, №11(86), November 2009

• New trends in Belarus-Ukraine relations.
• Restriction of domestic demand.
• Plans on structural reforms and high growth rates in 2010.
• Recovery of the physical volume of exports.

November 2009.pdf

Belarusian Monthly Economic Review, №10(85), October 2009
 

• Russia will not grant USD 500 m to Belarus.
• GDP is falling.
• Structural policies and the Stand-By Arrangement.
• Fiscal deficit is growing.

October 2009.pdf

Belarusian Monthly Economic Review №9(84), September 2009

• Realisation of "multivector" foreign policy.
• Stimulation of domestic demand.
• IMF’s role for the Belarusian economy is increasing.
• Fiscal deficit is growing.

September 2009.pdf

Belarusian Monthly Economic Review №8(83), August 2009

• A. Lukashenka took part in the Collective Security Treaty Organization summit.
• Credit liabilities of enterprises has increased.
• Enhancing of foreign investors’ activity.
• Deficit of the consolidated budget.

August 2009.pdf

Belarusian Monthly Economic Review №7(82), July 2009

• New trends in Belarus-US relations.
• Growth of inventories in major industry branches.
• Belarus took commitments on structural reforms.
• The Fund of National Development is to be formed in 2009.

July 2009.pdf

Belarusian Monthly Economic Review №6(81), June 2009

• New trends in Belarus-Russia relations.
• Financial results of the enterprises worsen.
• Belarus keeps on external borrowings.
• Decrease of the consolidated revenues.

June 2009.pdf

Belarusian Monthly Economic Review №5(80), May 2009

• Belarus strengthened its positions abroad.
• Investments - the only demand-side factor of GDP growth.
• Belarus may take part in strategic energy projects.
• Decelerating of crediting.

May 2009.pdf

Belarusian Monthly Economic Review №4(79), April 2009

• Realization of the ‘multi-vector’ foreign policy.
• Increased reduction of the working time.
• Increasing trade deficit and efforts of new borrowings.
• Increase of banks’ refinancing.

April 2009.pdf

Belarusian Monthly Economic Review №3(78), March 2009

• Negotiations on joining the EU’s Eastern Partnership.
• Exchange rate swap operation between NBB and People’s Bank of China.
• A dramatic drop of exports to Russia.
• Further decrease of the international reserves.

March 2009.pdf


Belarusian Monthly Economic Review №2(77), February 2009

• A meeting between the Presidents of Belarus and Ukraine took place.
• Making the regulation of the currency market more rigorous.
• Deficit in trade with non-CIS countries.
• Decrease of the international reserves.

February 2009.pdf

Belarusian Monthly Economic Review №1(76), January 2009

• Reaching an agreement on a gas price for 2009.
• Deceleration of industrial growth.
• New borrowings from abroad and liberalisation of the business environment.
• Drop of exports to Russia.
• Immediate devaluation of the national currency by 20.5%.

January 2009.pdf

Belarusian Monthly Economic Review №12(75), December 2008

• New legal acts directed at the development of relationships with the EU.
• Decline of salaries in a number of branches.
• Increasing hard currency deficit and a number of restrictive measures at the currency market.
• Deceleration of exports growth.
• Capital increase for state banks.

December 2008.pdf

Belarusian Monthly Economic Review №11(74), November 2008

• A meeting between the Presidents of Belarus and Russia took place.
• Search for foreign borrowings and intention to liberalize the economy.
• Widening of beneficiary taxation regime application.
• Growth in the demand for foreign currency.
• Introduction of 100% guarantees on households’ deposits.

November 2008.pdf

Belarusian Monthly Economic Review №10(73), October 2008

• Improved relationships between Belarus and EU.
• Deceleration of growth in major industry branches.
• Introduction of the export duty on potash fertilizers.
• Drop in the oil products supply at the non-CIS countries.
• Increase of the budget surplus.

October 2008.pdf

Belarusian Monthly Economic Review №9(72), September 2008

• ‘Multi-vector’ foreign policies continue.
• Average wage in June was above the 2008 target.
• Changes in the price-setting mechanisms for imports.
• Favourable situation at external markets.
• The limitation of the share of foreign capital in the Belarusian banking system was increased.

September 2008.pdf

Belarusian Monthly Economic Review №8(71), August 2008

• Belarus suggested amendments to a ‘Gazprom’ contract on gas supply and transit.
• A three-year privatization plan is approved.
• A list of goods subject to export restrictions is approved.
• Plans to increase foreign capital share in the statutory funds of Belarusian banks.

August 2008.pdf

Belarusian Monthly Economic Review №7(70), July 2008

• A meeting of the Belarusian and Russian presidents took place.
• Foreign companies have been offered to take part in a tender for construction of the nuclear power plant.
• Acceleration of imports growth from non-CIS countries.
• Budget 2009 is being formed under the assumed price of USD 140 for Russian gas.

July 2008.pdf

Belarusian Monthly Economic Review №6(69), June 2008

• US economic sanctions extended.
• State-owned enterprises’ reform.
• Deficit in trade with Russia grew by 2.3 times.
• The introduction of a flat income tax is planned.
• The law "On mortgage" was passed.

June 2008.pdf


Belarusian Monthly Economic Review №5(68), May 2008

• Belarus-US diplomatic row.
• Investment growth driven by budget funds.
• Stock market liberalization continued.
• Preparation for sale of 15% of Belarusbank’s shares.

May 2008.pdf


Belarusian Monthly Economic Review №4(67), April 2008

• Broadening of the US sanctions against ‘Belneftekhim’.
• Reduction of equity income tax rate.
• Some favorable trends in trade in oil products and potash fertilizers.
• Foreign investors increase participation in the banking sector.

April 2008.pdf

Belarusian Monthly Economic Review №3(66), March 2008

• Belarusian authorities signal about their readiness of rapprochement with the EU.
• Lack of funds for investments.
• The abolishment of the ‘golden share’.
• Deterioration of terms of trade in 2007.
• Redistributive role of the budget is strengthened.

March 2008.pdf

Belarusian Monthly Economic Review №2(65), February 2008

• Multidimensionality of foreign policies is upheld.
• Deceleration of GDP growth rate in 2007.
• A program for domestic equity market development is adopted.
• Current account deficit amounted to 5.1% of 2007 GDP.
• Tax holidays are granted for small urban and rural localities.

February 2008.pdf


Belarusian Monthly Economic Review №1(64), January 2008

• The government of Russia has provided Belarusian government with USD 1.5 bn loan.
• The official 2008 GDP growth rate forecast is set at the rate of 8–9%.
• Gas price for the first quarter of 2008 is agreed at USD 119 per 1,000 cubic meters.
• The government plans to cut trade deficit to USD 1.4 bn over 2008.
• The 2008 budget is adopted with a deficit at 1.9% of GDP.

January 2008.pdf

Belarusian Monthly Economic Review, December 2007

• The US administration froze the American assets of Belneftekhim.
• The government has not yet published its 2008 GDP forecast.
• Legislative act on constructing a nuclear power plant in Belarus is adopted.
• Decrease of gold and foreign exchange reserves is observed.
• Belarusbank plans to start preparation for IPO in 2008.

December 2007.pdf


Belarusian Monthly Economic Review, November 2007

• Russia refused to build the second line of the ‘Yamal-Europe’ gas pipeline.
• Belarus and Lithuania develop bilateral economic cooperation.
• The government plans to start manufacture of passenger cars in Belarus.
• The simplified system of taxation has been changed.
• The volume of reserves accumulated by the monetary authorities increased.

November 2007.pdf

Belarusian Monthly Economic Review, October 2007

• Resignation of the Speaker of the Chamber of Representatives, Mr. V. Konoplev.
• Sale of a 70% stake in the Belarusian GSM operator, ‘MDC’ Company.
• Debt financing of trade deficit.
• Belarus’ tax system is acknowledged by World Bank as the most complicated in the world.
• Part of the reserves were used to pay back the gas debt.

October 2007.pdf

Belarusian Monthly Economic Review, September 2007
 

• Belarus has received sovereign credit ratings.
• Belarus has paid for gas in full.
• ‘Motovelo’ J.S.C. and ‘MDN’ Ltd. have been privatized.
• Exports of transport equipment to Russia have increased.
• Ukraine’s ‘Deltabank’ has bought ‘Atom-Bank’.

September 2007.pdf

Belarusian Monthly Economic Review, August 2007

• Belarus has not paid its gas debt at the specified time.
• Enterprise electricity and heating tariffs were increased.
• Export price for potash fertilizers increased.
• Payment for Beltransgaz shares was directed to gold and foreign exchange reserves.
• Banks increased foreign loans.

August 2007.pdf

Belarusian Monthly Economic Review, July 2007

• The UN has eliminated the post of the Special Rapporteur on the situation of Human Rights in Belarus.
• Belarus has been withdrawn from the EU’s Generalized System of Preferences (GSP).
• Trade deficit in energy goods exceeded USD 500 m.
• Tax burden in small urban localities has been reduced.
• Rules for provision of preferential export loans are adopted.

July 2007.pdf

Belarusian Monthly Economic Review, June 2007
 

• The Belarusian government and Gazprom have signed an agreement to sell 50% of Beltransgaz stock.
• A substantial share of social benefits is abolished.
• Subsidy to suppliers of customer-owned crude oil has reached the level of 90% of export duty on crude oil.
• The yearly plan for collection of export duties is overfulfilled in the course of Jan-Mar.
• Credit Bureau has begun to operate.

June 2007.pdf

Belarusian Monthly Economic Review, May 2007

• Gazprom has confirmed its decision to purchase 50% of Beltransgaz’s stock.
• Further deceleration of GDP growth occurred.
• Merchandise trade deficit increased due to decrease in volume of exports.
• The share of short-term loans reduced in half.
• An agreement has been reached to sell Mesztorgbank and Slavneftebank to investors from Russia.

May 2007.pdf

Belarusian Monthly Economic Review, April 2007
 

• Output decline in food industry.
• Foreign oil extraction agreements have been concluded.
• Belarus and Russia agreed on foreign trade conditions.
• The NBB restricts money supply.
• The state share in ‘Belvnesheconombank’ will be sold to the Russian ‘Vnesheconombank’.

April 2007.pdf

Belarusian Monthly Economic Review, March 2007

• Representatives of the Belarusian Parliament took part in the sitting of the Parliamentary Assembly of the OSCE.
• Growth of inventories in industry.
• Twofold increase of excise taxes on oil products.
• Increase of rates of local taxes.
• Limits on credit margin have been abolished.

March 2007.pdf

Belarusian Monthly Economic Review, February 2007
 

• President of the Parliamentary Assembly of the Council of Europe has visited Belarus.
• The rate of economic growth in 2006 amounted to 9.9%.
• Conditions of oil supply to Belarus are settled.
• Merchandise trade deficit reached USD 1.9 bn.
• Excise taxes on oil products have been cut by 60%.
• The volume of household time ruble deposits decreased.

February 2007.pdf

Belarusian Monthly Economic Review, January 2007
 

• Belarus and Russia signed a gas contract.
• Belarus will be withdrawn from the EU’s Generalized System of Trade Preferences.
• Fuel industry growth rate has decreased.
• Deceleration of exports growth of oil products.
• The government has introduced measures to deal with the energy price increase.
• The statutory fund of Belarusbank has been increased.

January 2007.pdf

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