Belarus Economy - 2024

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.)

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% (2021 est.)

male: 14%

female: 8.4%

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)

Remittances

1.67% of GDP (2021 est.)
1.65% of GDP (2020 est.)
2.2% of GDP (2019 est.)

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 -

Exchange rates:
2.539 (2021 est.)
2.44 (2020 est.)
2.092 (2019 est.)
2.038 (2018 est.)
1.932 (2017 est.)