Economic growth to ease in 2026

Fitch Ratings downgrades Belarus'  credit rating to WD

On 6 October, 2023, Fitch Ratings downgraded Belarus'  sovereign credit rating to WD, from RD. The latest rating is within investment grade, suggesting that the country’s debt instruments have a low risk of default.

Moody's downgrades Belarus'  credit rating to C

On 2 June, 2023, Moody's downgraded Belarus'  sovereign credit rating to C, from Ca. The latest rating is within investment grade, suggesting that the country’s debt instruments have a low risk of default. The agency set the outlook to Stable. This implies that the rating is unlikely to change going forward.

S&P Global Ratings downgrades Belarus'  credit rating to SD

On 3 August, 2022, S&P Global Ratings downgraded Belarus'  sovereign credit rating to SD, from CC. The latest rating is within investment grade, suggesting that the country’s debt instruments have a low risk of default. The agency set the outlook which had previously been set to Negative Watch.

Inflation rises in November from October

<p>Consumer prices rose 7.0% on a year-on-year basis in November, following a 6.9% rise in the prior month.Relative to the prior month's data, there were higher price pressures for food and non-alcoholic beverages (+10.1% in annual terms vs +10.0% in October), housing, water, electricity, gas and other fuels (+10.3% vs +9.7% in October) and clothing (+1.8% vs +1.6% in October). Finally, the variation in transportation prices was the same as in the prior month (+4.7% in November and October).Lastly, consumer prices increased 0.40% in November on a month-on-month basis, following a 0.30% rise in the previous month.</p>

Industrial production shrinks more quickly in November

<p>Industrial production was down 1.7% on a year-on-year basis in November, following a 1.3% drop in the prior month. November's reading was the weakest since February 2023.Relative to the prior month's data, readings in November softened for manufacturing (-2.3% on a year-on-year basis vs -2.0% in October) and electricity, gas, steam and air conditioning supply (+2.0% vs +2.8% in October). In contrast, the reading for water supply, sewerage, waste management and remediation activities improved in November (0.0% vs -0.1% in October). Finally, the variation in mining and quarrying was the same as in the prior month (+2.7% in November and October).</p>