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Belarus Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Belarus Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

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As part of the former Soviet Union, Belarus had a relatively well-developed industrial base, but it is now outdated, inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets.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):
$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 ]

GDP (official exchange rate):
$54.44 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
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 ]

GDP - per capita:
$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 ]

Gross national saving:
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 ]

GDP - composition, by end use:
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 ]

GDP - composition, by sector of origin:
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 ]

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

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

Industrial production growth rate:
5.6% (2017 est.)
country comparison to the world: 47
[see also: Industrial production growth rate country ranks ]

Labor force:
4.381 million (2016 est.)
country comparison to the world: 89
[see also: Labor force country ranks ]

Labor force - by occupation:
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 ]

Unemployment rate:
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 ]

Population below poverty line:
5.7% (2016 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: 148
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 22.15 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 20.57 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
40.7% (of GDP) (2017 est.)
country comparison to the world: 35
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
2.9% (of GDP) (2017 est.)
country comparison to the world: 14
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
53.4% of GDP (2017 est.)
53.5% of GDP (2016 est.)
country comparison to the world: 90
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6% (2017 est.)
11.8% (2016 est.)
country comparison to the world: 184
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
14% (19 April 2017)
15% (15 March 2017)
country comparison to the world: 14
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
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 ]

Stock of narrow money:
$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 ]

Stock of broad money:
$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 ]

Stock of domestic credit:
$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 ]

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

Current account balance:
-$931 million (2017 est.)
-$1.669 billion (2016 est.)
country comparison to the world: 140
[see also: Current account balance country ranks ]

Exports:
$28.65 billion (2017 est.)
$22.98 billion (2016 est.)
country comparison to the world: 68
[see also: Exports country ranks ]

Exports - partners:
Russia 43.9%, Ukraine 11.5%, UK 8.2% (2017)

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

Imports:
$31.58 billion (2017 est.)
$25.61 billion (2016 est.)
country comparison to the world: 65
[see also: Imports country ranks ]

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

Imports - partners:
Russia 57.2%, China 8%, Germany 5.1% (2017)

Reserves of foreign exchange and gold:
$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 ]

Debt - external:
$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 ]

Stock of direct foreign investment - at home:
$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 ]

Stock of direct foreign investment - abroad:
$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 ]

Exchange rates:
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.)


NOTE: 1) The information regarding Belarus on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belarus Economy 2019 information contained here. All suggestions for corrections of any errors about Belarus Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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