Finmarket News - The Belarusian economy shrinks by 3.5% over eight months

According to the National Statistical Committee of Belarus (Belstat), in January-August 2015, Belarusian GDP in real terms decreased by 3.5% compared to January-July 2014, to BYR 564.441 trillion.

Belstat reports that production in January-August fell by 7.1%, to BYR 474.187 trillion. Agricultural production declined by 1.4%, to BYR 80.922 trillion.

Retail trade grew by 1.1%, to BYR 224.038 trillion while capital investment shrank by 14.2%, to BYR 126.312 trillion.

Last year, Belarusian GDP grew by 1.6%, while the national macroeconomic forecast was 3.3%.

This year, according to Belarusian forecasts for socioeconomic development, GDP is expected to grow by 0.2-0.7%.

EDB expects Belarusian GDP to go down by 1-2% in 2015, compared to 2014, and the IMF predicts a decrease of 2.3%. The World Bank forecasts a decline by 3.5%.