Current Account Balance: Belarus

Analysis# Belarus Current Account Balance Belarus's current account balance stands at -3.1% of GDP in 2026, reflecting a deficit position after two exceptional years of surplus. The country reached its all-time peak of 3.4% of GDP in 2022, a dramatic shift from the -14.5% low recorded in 2010. Since 1992, the overall trajectory has declined by 282.4%, demonstrating long-term structural challenges in Belarus's external balance. The 2021–2022 period marked a notable reversal, when Belarus swung from -1.9% to a 3.2% surplus, driven by favorable external conditions. However, this recovery proved unsustainable. The current account deteriorated sharply in 2023–2024, reaching -3.2% before moderating slightly to -3.1% in 2026. The forward projection suggests Belarus will likely remain in deficit territory, indicating persistent imbalances in trade and capital flows rather than a temporary cyclical dip.