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Belarus Economy 2017
http://www.theodora.com/wfbcurrent/belarus/belarus_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Belarus Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
As part of the former Soviet Union, Belarus had a relatively well-developed, though aging industrial base; it retained this industrial base - which is now outdated, energy inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets - following the breakup of the USSR. The country also has a broad agricultural base which is largely inefficient and dependent on government subsidies. After an initial burst of capitalist reform from 1991-94, including privatization of smaller state enterprises and some service sector businesses, creation of institutions of private property, and development of entrepreneurship, Belarus' economic development greatly slowed. About 80% of all industry remains in state hands, and foreign investment has been hindered by a climate hostile to business. A few banks, which had been privatized after independence, were renationalized. State banks account for 75% of the banking sector.Economic output, which had declined for several years following the collapse of the Soviet Union, revived in the mid-2000s due to the boom in oil prices. Belarus has only small reserves of crude oil, though it imports most of its crude oil and natural gas from Russia at prices substantially below the world market. Belarus exported refined oil products at market prices produced from Russian crude oil purchased at a steep discount. In late 2006, Russia began a process of rolling back its subsidies on oil and gas to Belarus. Tensions over Russian energy reached a peak in 2010, when Russia stopped the export of all subsidized oil to Belarus save for domestic needs. In December 2010, Russia and Belarus reached a deal to restart the export of discounted oil to Belarus. In 2015, Belarus continued to import Russian crude oil at a discounted price. However, the plunge in global oil prices heavily reduced revenues.Little new foreign investment has occurred in recent years. In 2011, a financial crisis began, triggered by government directed salary hikes unsupported by commensurate productivity increases. The crisis was compounded by an increased cost in Russian energy inputs and an overvalued Belarusian ruble, and eventually led to a near three-fold devaluation of the Belarusian ruble in 2011. In November 2011, Belarus agreed to sell to Russia its remaining shares in Beltransgaz, the Belarusian natural gas pipeline operator, in exchange for reduced prices for Russian natural gas. Receiving part of a $3 billion loan from the Russian-dominated Eurasian Economic Community (EurAsEC) Bail-out Fund, a $1 billion loan from the Russian state-owned bank Sberbank, and the $2.5 billion sale of Beltransgaz to Russian state-owned Gazprom helped stabilize the situation in 2012; nevertheless, the Belarusian currency lost more than 60% of its value, as the rate of inflation reached new highs in 2011 and 2012, before calming in 2013. In December 2013, Russia announced a new loan for Belarus of up to $2 billion for 2014. Notwithstanding foreign assistance, the Belarusian economy continued to struggle under the weight of high external debt servicing payments and trade deficit. In mid-December 2014, structural economic shortcomings were aggravated by the devaluation of the Russian ruble and triggered a near 40% devaluation of the Belarusian ruble. Belarus entered 2015 with stagnant economic growth and reduced hard currency reserves, with under one month of import cover.

GDP (purchasing power parity):
$165.4 billion (2016 est.) $170.5 billion (2015 est.) $177.4 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 73
[see also: GDP country ranks ]

GDP (official exchange rate):
$48.13 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-3% (2016 est.) -3.9% (2015 est.) 1.7% (2014 est.)
country comparison to the world: 213
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,500 (2016 est.) $17,900 (2015 est.) $18,700 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 95
[see also: GDP - per capita country ranks ]

Gross national saving:
21.9% of GDP (2016 est.) 30.2% of GDP (2015 est.) 28.5% of GDP (2014 est.)
country comparison to the world: 69
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 54.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 30.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 57.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -60.3% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 9.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 40.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 49.8% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grain, potatoes, vegetables, sugar beets, flax; beef, milk

Industries:
metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, televisions, synthetic fibers, fertilizer, textiles, radios, refrigerators

Industrial production growth rate:
-3% (2016 est.)
country comparison to the world: 191
[see also: Industrial production growth rate country ranks ]

Labor force:
4.546 million (2013 est.)
country comparison to the world: 90
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 9.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 32.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 58% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
0.7% (2014 est.) 0.5% (2013 est.)
note: official registered unemployed; large number of underemployed workers
country comparison to the world: 3
[see also: Unemployment rate country ranks ]

Population below poverty line:
6.3% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 21.9% (2008)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
26.5 (2011) 21.7 (1998)
country comparison to the world: 136
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $21.21 billion
[see also: Budget revenues country ranks ]
expenditures: $20.92 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
44.1% of GDP (2016 est.)
country comparison to the world: 23
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.6% of GDP (2016 est.)
country comparison to the world: 22
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
60.7% of GDP (2016 est.) 48.5% of GDP (2015 est.)
country comparison to the world: 63
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
14% (2016 est.) 13.6% (2015 est.)
country comparison to the world: 213
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
20% (13 August 2014) 10.5% (31 December 2010)
country comparison to the world: 6
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18% (31 December 2016 est.) 18.08% (31 December 2015 est.)
country comparison to the world: 23
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.232 billion (31 December 2016 est.) $2.301 billion (31 December 2015 est.)
country comparison to the world: 125
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$5.651 billion (31 December 2015 est.) $7.608 billion (31 December 2014 est.)
country comparison to the world: 127
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$24.09 billion (31 December 2016 est.) $22.23 billion (31 December 2015 est.)
country comparison to the world: 83
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.379 billion (2016 est.) -$2.074 billion (2015 est.)
country comparison to the world: 152
[see also: Current account balance country ranks ]

Exports:
$22.65 billion (2016 est.) $26.19 billion (2015 est.)
country comparison to the world: 66
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, mineral products, chemicals, metals, textiles, foodstuffs

Exports - partners:
Russia 39%, UK 11.2%, Ukraine 9.5%, Netherlands 4.3%, Germany 4.1% (2015)

Imports:
$25.44 billion (2016 est.) $28.33 billion (2015 est.)
country comparison to the world: 68
[see also: Imports country ranks ]

Imports - commodities:
mineral products, machinery and equipment, chemicals, foodstuffs, metals

Imports - partners:
Russia 56.6%, China 7.9%, Germany 4.6% (2015)

Reserves of foreign exchange and gold:
$4.206 billion (31 December 2016 est.) $4.176 billion (31 December 2015 est.)
country comparison to the world: 96
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$34.75 billion (31 December 2016 est.) $34.85 billion (31 December 2015 est.)
country comparison to the world: 74
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$10.17 billion (31 December 2014 est.)
country comparison to the world: 95
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$6 billion (31 December 2014 est.)
country comparison to the world: 69
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Belarusian rubles (BYB/BYR) per US dollar - 18,500 (2016 est.) 15,926 (2015 est.) 15,926 (2014 est.) 10,224.1 (2013 est.) 8,336.9 (2012 est.)


NOTE: The information regarding Belarus on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belarus Economy 2017 information contained here. All suggestions for corrections of any errors about Belarus Economy 2017 should be addressed to the CIA.




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