Market Report, "Belarus Food & Drink Report Q3 2013", Published
We expect to see modest year-on-year (y-o-y) growth in Belarusian private consumption over the course of 2013. While household consumption rose to its highest level since Q1 2011 in Q3 2012, (15.1% y-o-y), we caution that this rapid growth was largely due to its low base. Nevertheless, we note that the decline in consumer price inflation has significantly eased pressure on households, as has the cut to the refinancing rate in H2 2012. Generally speaking, however, we continue to view...
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