| Economy | Belarus |
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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. In December 2010, Belarus, Russia and Kazakhstan signed an agreement to form a Common Economic Space and Russia removed all Belarusian oil duties. GDP grew 7.6% in 2010 and 5% in 2011, in part, on the strength of renewed export growth. |
GDP (purchasing power parity):
|
$140.9 billion (2011 est.)
$134.1 billion (2010 est.)
$124.7 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$14,900 (2011 est.)
$14,200 (2010 est.)
$13,100 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$57.7 billion (2011 est.) |
GDP - real growth rate:
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5% (2011 est.)
7.6% (2010 est.)
0.2% (2009 est.) |
GDP - composition by sector:
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agriculture: 9.6%
industry: 46.4%
services: 44% (2011 est.) |
Investment (gross fixed):
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43.2% of GDP (2011 est.) |
Population below poverty line:
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27.1% (2003 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.8%
highest 10%: 21.9% (2008) |
Distribution of family income - Gini index:
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27.2 (2008)
21.7 (1998) |
Inflation rate (consumer prices):
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40.9% (2011 est.)
7.8% (2010 est.) |
Central bank discount rate:
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10.5% (31 December 2010 est.)
13.5% (31 December 2009 est.) |
Commercial bank prime lending rate:
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11% (31 December 2011 est.)
9.217% (31 December 2010 est.) |
Stock of money:
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$4.872 billion (31 December 2008)
$4.065 billion (31 December 2007) |
Stock of money - per capita:
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509 USD per capita |
Stock of quasi money:
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$8.784 billion (31 December 2008)
$6.823 billion (31 December 2007) |
Stock of quasi money - per capita:
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918 USD per capita |
Stock of domestic credit:
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$18.94 billion (31 December 2011 est.)
$25.25 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,978 USD per capita |
Stock of narrow money:
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$3.307 billion (31 December 2011 est.)
$4.554 billion (31 December 2010 est.) |
Stock of broad money:
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$16.75 billion (31 December 2010 est.)
$13.31 billion (31 December 2009 est.) |
Labor force:
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5 million (2009) |
Labor force participation rate:
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52.21 % of population |
Labor force - by occupation:
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agriculture: 14%
industry: 34.7%
services: 51.3% (2003 est.) |
Unemployment rate:
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1% (2009 est.)
1.6% (2005)
note: official registered unemployed; large number of underemployed workers |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $19.19 billion
expenditures: $19.99 billion (2011 est.) |
Budget revenues per capita:
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2,004 USD per capita |
Taxes and other revenues:
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33.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-1.4% of GDP (2011 est.) |
Public debt:
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void |
Industries:
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metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, televisions, synthetic fibers, fertilizer, textiles, radios, refrigerators |
Industrial production growth rate:
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10.5% (2010 est.) |
Electricity - production:
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32.95 billion kWh (2008 est.) |
Electricity - production per capita:
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3,441 kWh per capita |
Electricity - consumption:
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31.07 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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3,245 kWh per capita |
Electricity - exports:
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5.245 billion kWh (2008 est.) |
Electricity - imports:
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1.84 billion kWh (2008 est.) |
Oil - production:
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31,010 bbl/day (2010 est.) |
Oil - production per capita:
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3,238 bbl/day per capita |
Oil - consumption:
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163,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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6.21 bbl/year per capita |
Oil - exports:
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310,500 bbl/day (2009 est.) |
Oil - imports:
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471,400 bbl/day (2009 est.) |
Oil - proved reserves:
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198 million bbl (1 January 2011 est.) |
Natural gas - production:
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150 million cu m (2009 est.) |
Natural gas - production per capita:
|
16 cu m per capita |
Natural gas - consumption:
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17.75 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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1,854 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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17.6 billion cu m (2009 est.) |
Natural gas - proved reserves:
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2.832 billion cu m (1 January 2011 est.) |
Agriculture - products:
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grain, potatoes, vegetables, sugar beets, flax; beef, milk |
Current account balance:
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-$4.077 billion (2011 est.)
-$8.493 billion (2010 est.) |
Current account balance - per capita:
|
-425 USD per capita |
Exports:
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$26.29 billion (2011 est.)
$25.35 billion (2010 est.) |
Exports per capita:
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2,745 USD per capita |
Exports - commodities:
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machinery and equipment, mineral products, chemicals, metals, textiles, foodstuffs |
Exports - partners:
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Russia 38.9%, Netherlands 11%, Ukraine 10.2% (2010) |
Imports:
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$30.43 billion (2011 est.)
$34.47 billion (2010 est.) |
Imports per capita:
|
3,178 USD per capita |
Imports - commodities:
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mineral products, machinery and equipment, chemicals, foodstuffs, metals |
Imports - partners:
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Russia 51.8%, Germany 6.8%, Ukraine 5.4%, China 4.8% (2010) |
Reserves of foreign exchange and gold:
|
$2.4 billion (31 December 2011 est.)
$3.431 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
251 USD per capita |
Debt - external:
|
$29.63 billion (31 December 2011 est.)
$22.13 billion (31 December 2010 est.) |
Debt - external - per capita:
|
3,094 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Belarusian ruble (BYB/BYR) |
Exchange rates:
|
Belarusian rubles (BYB/BYR) per US dollar -
4,351.1 (2011 est.)
2,978.51 (2010 est.)
2,789.49 (2009)
2,130 (2008)
2,145 (2007) |
Fiscal year:
|
calendar year |
|
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