Belarus Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

declining Russian energy subsidies will end in 2024; growing public debt; strong currency pressures have led to higher inflation; recent price controls on basic food and drugs; public sector wage increases and fragile private sector threaten household income gains and economic growth

Real GDP (purchasing power parity)

$184.482 billion (2021 est.)

$180.335 billion (2020 est.)

$181.605 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.3% (2021 est.)

-0.7% (2020 est.)

1.4% (2019 est.)

Real GDP per capita

$19,800 (2021 est.)

$19,200 (2020 est.)

$19,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$63.168 billion (2019 est.)

Inflation rate (consumer prices)

9.46% (2021 est.)

5.55% (2020 est.)

5.6% (2019 est.)

Credit ratings

Fitch rating: B (2018)

Moody's rating: B3 (2018)

Standard & Poors rating: B (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 8.1% (2017 est.)

industry: 40.8% (2017 est.)

services: 51.1% (2017 est.)

GDP - composition, by end use

household consumption: 54.8% (2017 est.)

government consumption: 14.6% (2017 est.)

investment in fixed capital: 24.9% (2017 est.)

investment in inventories: 5.7% (2017 est.)

exports of goods and services: 67% (2017 est.)

imports of goods and services: -67% (2017 est.)

Agricultural products

milk, potatoes, sugar beets, wheat, triticale, barley, maize, rye, rapeseed, poultry

Industries

metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, synthetic fibers, fertilizer, textiles, refrigerators, washing machines and other household appliances

Industrial production growth rate

6.7% (2021 est.)

Labor force

4.95 million (2021 est.)

Labor force - by occupation

agriculture: 9.7%

industry: 23.4%

services: 66.8% (2015 est.)

Unemployment rate

4.74% (2021 est.)

4.77% (2020 est.)

4.16% (2019 est.)

note: official registered unemployed; large number of underemployed workers

Youth unemployment rate (ages 15-24)

total: 11.3%

male: 14%

female: 8.4% (2021 est.)

Population below poverty line

5% (2019 est.)

Gini Index coefficient - distribution of family income

24.4 (2020 est.)

Average household expenditures

on food: 32.3% of household expenditures (2018 est.)

on alcohol and tobacco: 7.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.8%

highest 10%: 21.9% (2008)

Budget

revenues: $24.743 billion (2019 est.)

expenditures: $24.239 billion (2019 est.)

Budget surplus (+) or deficit (-)

2.9% (of GDP) (2017 est.)

Public debt

33.24% of GDP (2019 est.)

37.1% of GDP (2018 est.)

39.88% of GDP (2017 est.)

Taxes and other revenues

12.02% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$2.153 billion (2021 est.)

-$178.4 million (2020 est.)

-$1.246 billion (2019 est.)

Exports

$49.425 billion (2021 est.)

$37.183 billion (2020 est.)

$41.975 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Russia 42%, Ukraine 13%, United Kingdom 7% (2019)

Exports - commodities

fertilizers, refined petroleum, cheese, delivery trucks, lumber (2021)

Imports

$45.459 billion (2021 est.) note: data are in current year dollars

$35.236 billion (2020 est.) note: data are in current year dollars

$42.378 billion (2019 est.) note: data are in current year dollars

Imports - partners

Russia 57%, China 7%, Poland 5%, Germany 5%, Ukraine 5% (2019)

Imports - commodities

crude petroleum, natural gas, cars and vehicle parts, packaged medicines, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$8.425 billion (31 December 2021 est.)

$7.468 billion (31 December 2020 est.)

$9.394 billion (31 December 2019 est.)

Debt - external

$39.847 billion (2019 est.)

$39.297 billion (2018 est.)

Exchange rates

Belarusian rubles (BYB/BYR) per US dollar -

2.539 (2021 est.)

2.44 (2020 est.)

2.092 (2019 est.)

2.038 (2018 est.)

1.932 (2017 est.)

NOTE: The information regarding Belarus on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Belarus 2023 information contained here. All suggestions for corrections of any errors about Belarus 2023 should be addressed to the CIA or the source cited on each page.