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Belarus Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Belarus Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 23, 2014

Economy - overview:
As part of the former Soviet Union, Belarus had a relatively well-developed industrial base; it retained this industrial base - which is now outdated, energy inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets - following the breakup of the USSR. The country also has a broad agricultural base which is inefficient and dependent on government subsidies. After an initial burst of capitalist reform from 1991-94, including privatization of state enterprises, creation of institutions of private property, and development of entrepreneurship, Belarus' economic development greatly slowed. About 80% of all industry remains in state hands, and foreign investment has been hindered by a climate hostile to business. A few banks, which had been privatized after independence, were renationalized. State banks account for 75% of the banking sector. Economic output, which had declined for several years following the collapse of the Soviet Union, revived in the mid-2000s thanks to the boom in oil prices. Belarus has only small reserves of crude oil, though it imports most of its crude oil and natural gas from Russia at prices substantially below the world market. Belarus exported refined oil products at market prices produced from Russian crude oil purchased at a steep discount. In late 2006, Russia began a process of rolling back its subsidies on oil and gas to Belarus. Tensions over Russian energy reached a peak in 2010, when Russia stopped the export of all subsidized oil to Belarus save for domestic needs. In December 2010, Russia and Belarus reached a deal to restart the export of discounted oil to Belarus. Little new foreign investment has occurred in recent years. In 2011, a financial crisis began, triggered by government directed salary hikes unsupported by commensurate productivity increases. The crisis was compounded by an increased cost in Russian energy inputs and an overvalued Belarusian ruble, and eventually led to a near three-fold devaluation of the Belarusian ruble in 2011. In November 2011, Belarus agreed to sell to Russia its remaining shares in Beltransgaz, the Belarusian natural gas pipeline operator, in exchange for reduced prices for Russian natural gas. Receiving more than half of a $3 billion loan from the Russian-dominated Eurasian Economic Community (EurAsEC) Bail-out Fund, a $1 billion loan from the Russian state-owned bank Sberbank, and the $2.5 billion sale of Beltranzgas to Russian state-owned Gazprom helped stabilize the situation in 2012; nevertheless, the Belarusian currency lost more than 60% of its value, as the rate of inflation reached new highs in 2011 and 2012, before calming in 2013. As of January 2014, the final tranche of the EurAsEC loan has been delayed, but in December 2013 Russia announced a new loan for Belarus of up to $2 billion for 2014. Notwithstanding foreign assistance, the Belarusian economy continues to struggle under the weight of high external debt servicing payments, a growing trade deficit, stagnant economic growth, and low foreign reserves.

GDP (purchasing power parity):
$150.4 billion (2013 est.)
country comparison to the world: 63

$147.3 billion (2012 est.)
$145 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$69.24 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.1% (2013 est.)
country comparison to the world: 139

1.5% (2012 est.)
5.5% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$16,100 (2013 est.)
country comparison to the world: 85

$15,700 (2012 est.)
$15,400 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
24.8% of GDP (2013 est.)
country comparison to the world: 49

31.8% of GDP (2012 est.)
29.2% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 46.3%
government consumption: 15.3%
investment in fixed capital: 30%
investment in inventories: 0.7%
exports of goods and services: 80.2%
imports of goods and services: -72.5%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 9.2%
industry: 46.2%
services: 44.7% (2013 est.)

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

Industries:
metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, televisions, synthetic fibers, fertilizer, textiles, radios, refrigerators

Industrial production growth rate:
1% (2013 est.)
country comparison to the world: 148
[see also: Industrial production growth rate country ranks ]

Labor force:
5 million (2009)
country comparison to the world: 76
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 9.4%
industry: 45.9%
services: 44.7% (2005 est.)

Unemployment rate:
1% (2009 est.)
country comparison to the world: 5

1.6% (2005)
note: official registered unemployed; large number of underemployed workers
[see also: Unemployment rate country ranks ]

Population below poverty line:
27.1% (2003 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.8%
highest 10%: 21.9% (2008)

Distribution of family income - Gini index:
27.2 (2008)
country comparison to the world: 128

21.7 (1998)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $26.68 billion
expenditures: $26.79 billion (2013 est.)

Taxes and other revenues:
38.5% of GDP (2013 est.)
country comparison to the world: 50
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.2% of GDP (2013 est.)
country comparison to the world: 48
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
31.5% of GDP (2013 est.)
country comparison to the world: 115

31.5% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
19% (2013 est.)
country comparison to the world: 217

59.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
10.5% (31 December 2010 est.)
country comparison to the world: 14

13.5% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10% (31 December 2013 est.)
country comparison to the world: 17

19.49% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
NA% (31 December 2013 est.)

$4.018 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$9.073 billion (31 December 2013 est.)
country comparison to the world: 107

$7.655 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$22.68 billion (31 December 2013 est.)
country comparison to the world: 77

$19.82 billion (31 December 2012 est.)
[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:
-$4.245 billion (2013 est.)
country comparison to the world: 163

-$1.688 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$42.06 billion (2013 est.)
country comparison to the world: 59

$45.57 billion (2012 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Russia 35.4%, Netherlands 16.4%, Ukraine 12.1%, Latvia 7.1% (2012)

Imports:
$45.17 billion (2013 est.)
country comparison to the world: 58

$45.01 billion (2012 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Russia 59.4%, Germany 5.9%, China 5.1%, Ukraine 5% (2012)

Reserves of foreign exchange and gold:
$4.513 billion (31 December 2013 est.)
country comparison to the world: 97

$5.809 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.204 billion (31 December 2013 est.)
country comparison to the world: 157

$1.225 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Belarusian rubles (BYB/BYR) per US dollar -

8,950.7 (2013 est.)
8,336.9 (2012 est.)
2,978.5 (2010 est.)
2,789.49 (2009)
2,130 (2008)


NOTE: 1) The information regarding Belarus on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belarus Economy 2015 information contained here. All suggestions for corrections of any errors about Belarus Economy 2015 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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