Integration with Russia is dragging down the Belarusian economy – SZR

Belarus’ economy is slowing down due to integration with Russia. In 2025, Belarus’ GDP growth decreased compared to the previous year.

This was reported by the Foreign Intelligence Service of Ukraine.

“In the first half of 2025, Belarus’ GDP grew by only 2.1%, which is 2.9 pp lower than a year earlier. Inflation reached 7.3%,” the SZR noted.

The reasons for the decline are the difficult situation in agriculture and the decline in demand for Belarusian goods in the Russian Federation, a key trading partner that accounts for 60% of trade turnover.

It is noted that supplies of consumer goods, equipment, and lumber from the Republic of Belarus to the Russian Federation have decreased by more than 70%.

The foreign trade deficit in January-April increased to $856 million: exports decreased by 0.3%, and imports increased by 4.7%. “Industrial production increased by only 0.3%, supported by domestic demand.

“The stagnation of the Russian economy limits Minsk’s financial capabilities. The deterioration of the balance of payments fuels the risks of rapid devaluation of the Belarusian ruble, which will hit purchasing power and social stability,” the SZR notes.

In addition, Western sanctions limit the channels for diversifying the Belarusian economy, increasing dependence on Russian markets, logistics, and financing.

Earlier, the SZR reported that Belarusian dictator Lukashenko cannot maintain the economy, which is gradually degrading. In an attempt to curb inflation, the authorities are once again resorting to price regulation .

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