Economy - overview:
Belarus has seen limited structural reform since 1995, when President LUKASHENKO launched the country on the path of "market socialism." In keeping with this policy, LUKASHENKO reimposed administrative controls over prices and currency exchange rates and expanded the state's right to intervene in the management of private enterprises. Since 2005, the government has re-nationalized a number of private companies. In addition, businesses have been subjected to pressure by central and local governments, including arbitrary changes in regulations, numerous rigorous inspections, retroactive application of new business regulations, and arrests of "disruptive" businessmen and factory owners. Continued state control over economic operations hampers market entry for businesses, both domestic and foreign. Government statistics indicate GDP growth was strong, surpassing 10% in 2008, despite the roadblocks of a tough, centrally directed economy with a high rate of inflation and a low rate of unemployment. However, the global crisis pushed the country into recession in 2009, and GDP grew only 0.2% for the year. Slumping foreign demand hit the industrial sector hard. Minsk has depended on a standby-agreement with the IMF to assist with balance of payments shortfalls. In line with IMF conditions, in 2009, Belarus devalued the ruble more than 40% and tightened some fiscal and monetary policies. On 1 January 2010, Russia, Kazakhstan and Belarus launched a customs union, with unified trade regulations and customs codes still under negotiation. In late January, Russia and Belarus amended their 2007 oil supply agreement. The new terms raised prices for above quota purchases, increasing Belarus' current account deficit. GDP grew 4.8% in 2010, in part, on the strength of renewed export growth. In December 2010, Belarus, Russia and Kazakhstan signed an agreement to form a Common Economic Space and Russia removed all Belarusian oil duties.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
NOTE: The information regarding Belarus on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belarus Economy 2011 information contained here. All suggestions for corrections of any errors about Belarus Economy 2011 should be addressed to the CIA.
$128.4 billion (2010 est.)
country comparison to the world: 60
note:
data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]
$52.89 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
4.8% (2010 est.)
country comparison to the world: 61
[see also: GDP - real growth rate country ranks ]
$13,400 (2010 est.)
country comparison to the world: 88
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
42.9%
[see also: GDP - composition by sector - industry country ranks ]
services:
48.1% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]
5 million (2009)
country comparison to the world: 75
[see also: Labor force country ranks ]
agriculture: 14%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
34.7%
[see also: Labor force - by occupation - industry country ranks ]
services:
51.3% (2003 est.)
[see also: Labor force - by occupation - services country ranks ]
1% (2009 est.)
country comparison to the world: 5
note:
official registered unemployed; large number of underemployed workers
[see also: Unemployment rate country ranks ]
27.1% (2003 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 3.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
22% (2005)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
27.9 (2005)
country comparison to the world: 124
[see also: Distribution of family income - Gini index country ranks ]
36% of GDP (2009 est.)
country comparison to the world: 7
[see also: Investment (gross fixed) country ranks ]
revenues: $23.27 billion
[see also: Budget - revenues country ranks ]
expenditures:
$24.32 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
7% (2010 est.)
country comparison to the world: 177
[see also: Inflation rate (consumer prices) country ranks ]
13.5% (31 December 2009)
country comparison to the world: 30
[see also: Central bank discount rate country ranks ]
11.68% (31 December 2009 est.)
country comparison to the world: 111
[see also: Commercial bank prime lending rate country ranks ]
$4.747 billion (31 December 2010 est)
[see also: Stock of narrow money country ranks ]
$13.62 billion (31 December 2009)
[see also: Stock of broad money country ranks ]
$19.99 billion (31 December 2010 est.)
country comparison to the world: 78
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
grain, potatoes, vegetables, sugar beets, flax; beef, milk
metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, televisions, synthetic fibers, fertilizer, textiles, radios, refrigerators
10.5% (2009 est.)
country comparison to the world: 13
[see also: Industrial production growth rate country ranks ]
29.92 billion kWh (2007 est.)
country comparison to the world: 63
[see also: Electricity - production country ranks ]
30.54 billion kWh (2007 est.)
country comparison to the world: 58
[see also: Electricity - consumption country ranks ]
5.062 billion kWh (2007 est.)
[see also: Electricity - exports country ranks ]
9.406 billion kWh (2007 est.)
[see also: Electricity - imports country ranks ]
31,400 bbl/day (2009 est.)
country comparison to the world: 70
[see also: Oil - production country ranks ]
173,000 bbl/day (2009 est.)
country comparison to the world: 59
[see also: Oil - consumption country ranks ]
303,900 bbl/day (2007 est.)
country comparison to the world: 40
[see also: Oil - exports country ranks ]
444,800 bbl/day (2007 est.)
country comparison to the world: 28
[see also: Oil - imports country ranks ]
198 million bbl (1 January 2010 est.)
country comparison to the world: 59
[see also: Oil - proved reserves country ranks ]
152 million cu m (2008 est.)
country comparison to the world: 77
[see also: Natural gas - production country ranks ]
17 billion cu m (2009 est.)
country comparison to the world: 37
[see also: Natural gas - consumption country ranks ]
0 cu m (2009)
country comparison to the world: 58
[see also: Natural gas - exports country ranks ]
17.6 billion cu m (2009 est.)
country comparison to the world: 13
[see also: Natural gas - imports country ranks ]
2.832 billion cu m (1 January 2010 est.)
country comparison to the world: 94
[see also: Natural gas - proved reserves country ranks ]
-$5.062 billion (2010 est.)
country comparison to the world: 169
[see also: Current account balance country ranks ]
$24.49 billion (2010 est.)
country comparison to the world: 66
[see also: Exports country ranks ]
machinery and equipment, mineral products, chemicals, metals, textiles, foodstuffs
Russia 33.6%, Netherlands 13.78%, Ukraine 8.68%, Latvia 6.32%, Poland 4.19%, Germany 4.17% (2009)
$29.79 billion (2010 est.)
country comparison to the world: 60
[see also: Imports country ranks ]
mineral products, machinery and equipment, chemicals, foodstuffs, metals
Russia 56.42%, Germany 8.31%, Ukraine 4.79%, China 4.04% (2009)
$5.755 billion (31 December 2010 est.)
country comparison to the world: 63
[see also: Reserves of foreign exchange and gold country ranks ]
$24.8 billion (31 December 2010 est.)
country comparison to the world: 68
[see also: Debt - external country ranks ]
Belarusian rubles (BYB/BYR) per US dollar - 3,019.9 (2010), 2,789.5 (2009), 2,130 (2008), 2,145 (2007), 2,144.6 (2006)
This page was last modified 09-Feb-11