Economy - overview:
As part of the former Soviet Union, Belarus had a relatively well-developed industrial base, but it is now outdated, inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets. The country’s agricultural base is largely dependent on government subsidies. Following the collapse of the Soviet Union, an initial burst of economic reforms included privatization of state enterprises, creation of private property rights, and the acceptance of private entrepreneurship, but by 1994 the reform effort dissipated. About 80% of industry remains in state hands, and foreign investment has virtually disappeared. Several businesses have been renationalized. State-owned entities account for 70-75% of GDP, and state banks make up 75% of the banking sector.
Economic output declined for several years following the break-up of the Soviet Union, but revived in the mid-2000s. Belarus has only small reserves of crude oil and imports crude oil and natural gas from Russia at subsidized, below market, prices. Belarus derives export revenue by refining Russian crude and selling it at market prices. Russia and Belarus have had serious disagreements over prices and quantities for Russian energy. Beginning in early 2016, Russia claimed Belarus began accumulating debt – reaching $740 million by April 2017 – for paying below the agreed price for Russian natural gas and Russia cut back its export of crude oil as a result of the debt. In April 2017, Belarus agreed to pay its gas debt and Russia restored the flow of crude.
New non-Russian foreign investment has been limited in recent years, largely because of an unfavorable financial climate. In 2011, a financial crisis lead to a nearly three-fold devaluation of the Belarusian ruble. The Belarusian economy has continued to struggle under the weight of high external debt servicing payments and a trade deficit. In mid-December 2014, the devaluation of the Russian ruble triggered a near 40% devaluation of the Belarusian ruble.
Belarus’s economy stagnated between 2012 and 2016, widening productivity and income gaps between Belarus and neighboring countries. Budget revenues dropped because of falling global prices on key Belarusian export commodities. Since 2015, the Belarusian government has tightened its macro-economic policies, allowed more flexibility to its exchange rate, taken some steps towards price liberalization, and reduced subsidized government lending to state-owned enterprises. Belarus returned to modest growth in 2017, largely driven by improvement of external conditions and Belarus issued sovereign debt for the first time since 2011, which provided the country with badly-needed liquidity, and issued $600 million worth of Eurobonds in February 2018, predominantly to US and British investors.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: 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: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: 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: Current account balance: Exports: Exports - partners: Exports - commodities: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$179.4 billion
(2017 est.)
$175.1 billion
(2016 est.)
$179.7 billion
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
70
[see also: GDP country ranks ]
$54.44 billion
(2017 est.)
[see also: GDP (official exchange rate) country ranks ]
2.4%
(2017 est.)
-2.5%
(2016 est.)
-3.8%
(2015 est.)
country comparison to the world:
136
[see also: GDP - real growth rate country ranks ]
$18,900
(2017 est.)
$18,400
(2016 est.)
$19,000
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
94
[see also: GDP - per capita country ranks ]
24.5% of GDP
(2017 est.)
23% of GDP
(2016 est.)
25.8% of GDP
(2015 est.)
country comparison to the world:
64
[see also: Gross national saving country ranks ]
household consumption: 54.8%
(2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.6%
(2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.9%
(2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 5.7%
(2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 67%
(2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -67%
(2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 8.1%
(2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 40.8%
(2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51.1%
(2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
grain, potatoes, vegetables, sugar beets, flax; beef, milk
metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, synthetic fibers, fertilizer, textiles, refrigerators, washing machines and other household appliances
5.6%
(2017 est.)
country comparison to the world:
47
[see also: Industrial production growth rate country ranks ]
4.381 million
(2016 est.)
country comparison to the world:
89
[see also: Labor force country ranks ]
agriculture: 9.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 66.8%
(2015 est.)
[see also: Labor force - by occupation - services country ranks ]
0.8%
(2017 est.)
1%
(2016 est.)
note: official registered unemployed; large number of underemployed workers
country comparison to the world:
6
[see also: Unemployment rate country ranks ]
5.7%
(2016 est.)
[see also: Population below poverty line country ranks ]
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 ]
26.5
(2011)
21.7
(1998)
country comparison to the world:
148
[see also: Distribution of family income - Gini index country ranks ]
revenues: 22.15 billion
(2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 20.57 billion
(2017 est.)
[see also: Budget - expenditures country ranks ]
40.7% (of GDP)
(2017 est.)
country comparison to the world:
35
[see also: Taxes and other revenues country ranks ]
2.9% (of GDP)
(2017 est.)
country comparison to the world:
14
[see also: Budget surplus (+) or deficit (-) country ranks ]
53.4% of GDP
(2017 est.)
53.5% of GDP
(2016 est.)
country comparison to the world:
90
[see also: Public debt country ranks ]
calendar year
6%
(2017 est.)
11.8%
(2016 est.)
country comparison to the world:
184
[see also: Inflation rate (consumer prices) country ranks ]
14%
(19 April 2017)
15%
(15 March 2017)
country comparison to the world:
14
[see also: Central bank discount rate country ranks ]
9.66%
(31 December 2017 est.)
14.4%
(31 December 2016 est.)
country comparison to the world:
86
[see also: Commercial bank prime lending rate country ranks ]
$3.702 billion
(31 December 2017 est.)
$2.719 billion
(31 December 2016 est.)
country comparison to the world:
113
[see also: Stock of narrow money country ranks ]
$3.702 billion
(31 December 2017 est.)
$2.719 billion
(31 December 2016 est.)
country comparison to the world:
119
[see also: Stock of broad money country ranks ]
$19.81 billion
(31 December 2017 est.)
$20.65 billion
(31 December 2016 est.)
country comparison to the world:
92
[see also: Stock of domestic credit country ranks ]
NA
[see also: Market value of publicly traded shares country ranks ]
-$931 million
(2017 est.)
-$1.669 billion
(2016 est.)
country comparison to the world:
140
[see also: Current account balance country ranks ]
$28.65 billion
(2017 est.)
$22.98 billion
(2016 est.)
country comparison to the world:
68
[see also: Exports country ranks ]
Russia 43.9%, Ukraine 11.5%, UK 8.2%
(2017)
machinery and equipment, mineral products, chemicals, metals, textiles, foodstuffs
$31.58 billion
(2017 est.)
$25.61 billion
(2016 est.)
country comparison to the world:
65
[see also: Imports country ranks ]
mineral products, machinery and equipment, chemicals, foodstuffs, metals
Russia 57.2%, China 8%, Germany 5.1%
(2017)
$7.315 billion
(31 December 2017 est.)
$4.927 billion
(31 December 2016 est.)
country comparison to the world:
84
[see also: Reserves of foreign exchange and gold country ranks ]
$39.92 billion
(31 December 2017 est.)
$37.74 billion
(31 December 2016 est.)
country comparison to the world:
75
[see also: Debt - external country ranks ]
$6.929 billion
(31 December 2016 est.)
$7.241 billion
(31 December 2015)
country comparison to the world:
100
[see also: Stock of direct foreign investment - at home country ranks ]
$3.547 billion
(31 December 2016 est.)
$4.649 billion
(31 December 2015)
country comparison to the world:
79
[see also: Stock of direct foreign investment - abroad country ranks ]
Belarusian rubles (BYB/BYR) per US dollar -
1.9
(2017 est.)
2
(2016 est.)
2
(2015 est.)
15,926
(2014 est.)
10,224.1
(2013 est.)
