Belarus GDP Slows Due to Agricultural and Oil Processing Challenges

A new economic analysis reveals that Belarus’ GDP growth sharply slowed in August 2024, with agriculture and oil processing as major contributors. Published in September 2024, this report examines the complex factors influencing the country’s economy and explores the GDP slowdown of Belarus.

Belarus Economic Slowdown Driven by Agriculture and Oil Processing

Belarus’ economy showed strong growth early in 2024, but August experienced a contraction due to unpredictable weather and industrial bottlenecks. The country’s reliance on agriculture and oil refining made it particularly vulnerable, with harvests and oil production both facing disruptions. While GDP grew 4.9% from January to August, the slowdown in August highlights the economy’s fragility amid external pressures and regional instability.

Key Findings

• Belarus’ GDP grew 4.9% over the first eight months of 2024 but contracted by 3-4.5% in August.
• Agriculture dropped 15.5% in August after a 29.6% rise in July, significantly impacting growth.
• Oil refining and industrial output were hit by weather-related challenges, reducing production.

Economic Outlook and Necessary Reforms for Belarus

The report stresses that Belarus’ future economic stability depends on bolstering its agricultural output and resolving industrial weaknesses. The findings suggest that the economy is highly susceptible to external factors like weather patterns and geopolitical tensions. Future research should focus on diversifying the economy to ensure consistent growth and reduce reliance on volatile sectors.

Full Report on Belarus GDP slowdown for August 2024

Explore the full analysis and sector vulnerabilities on the BEROC website. This comprehensive report offers critical insights into Belarus’ economic trends, focusing on key sectors such as agriculture, energy, and industrial output, and aims to guide policy decisions.

Additional Resources

We invite you to view other reports produced by BEROC, all available on the BEROC’s website. Additionally, if you wish to explore more policy briefs published by the BEROC Institute, you can do so by visiting the Institute’s page on the FREE Network’s website.

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