Economy Of Belarus
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Economy overview
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Belarus' economy in 2003 posted 6.1 percent growth and is likely to continue expanding through 2004, albeit at a slower growth rate. The Belarusian economy in 2004 is likely to be hampered by high inflation, persistent trade deficits, and ongoing rocky relations with Russia, Belarus' largest trading partner and energy supplier. Belarus has seen little 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. In addition, businesses have been subject to pressure on the part of central and local governments, e.g., arbitrary changes in regulations, numerous rigorous inspections, retroactive application of new business regulations, and arrests of "disruptive" businessmen and factory owners. A wide range of redistributive policies has helped those at the bottom of the ladder. For the time being, Belarus remains self-isolated from the West and its open-market economies.
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GDP
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purchasing power parity - $62.56 billion (2004 est.)
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GDP - real growth rate
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6.8% (2004 est.)
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GDP - per capita
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purchasing power parity - $6,100 (2004 est.)
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GDP - composition by sector
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agriculture: 11.1%
industry: 36.4%
services: 52.5% (2004 est.)
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Investment gross fixed
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21.7% of GDP (2004 est.)
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Population below poverty line
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22% (1995 est.)
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Household income or consumption by percentage share
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lowest 10%: 5.1%
highest 10%: 20% (1998)
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Distribution of family income - Gini index
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21.7 (1998)
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Inflation rate consumer prices
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28.2% (2004 est.)
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Labor force
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4.8 million (2000 est.)
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Labor force by occupation
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NA
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Unemployment rate
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2.1% officially registered unemployed (December 2000); large number of underemployed workers (2003 est.)
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Budget
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revenues: $2.976 billion
expenditures: $3.211 billion, including capital expenditures of $180 million (2004 est.)
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Public debt
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Agriculture products
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grain, potatoes, vegetables, sugar beets, flax; beef, milk
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Industries
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metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, television sets, chemical fibers, fertilizer, textiles, radios, refrigerators
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Industrial production growth rate
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5% (2003 est.)
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Electricity production
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24.4 billion kWh (2001)
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Electricity production by source
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fossil fuel: 99.5%
hydro: 0.1%
other: 0.4% (2001)
nuclear: 0%
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Electricity consumption
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26.69 billion kWh (2001)
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Electricity exports
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300 million kWh (2001)
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Electricity imports
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4.3 billion kWh (2001)
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Oil production
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37,000 bbl/day (2001 est.)
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Oil consumption
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230,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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200 million cu m (2001 est.)
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Natural gas consumption
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18 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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17.8 billion cu m (2001 est.)
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Natural gas proved reserves
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Current account balance
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$-945 million (2004 est.)
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Exports
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$9.413 billion f.o.b. (2004 est.)
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Exports commodities
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machinery and equipment, mineral products, chemicals, metals; textiles, foodstuffs
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Exports partners
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Russia 49.1%, UK 9.4%, Poland 4.4%, Germany 4.2%, Netherlands 4.2% (2003)
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Imports
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$11.09 billion f.o.b. (2003 est.)
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Imports commodities
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mineral products, machinery and equipment, chemicals, foodstuffs, metals
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Imports partners
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Russia 65.8%, Germany 7.1%, Ukraine 3.1% (2003)
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Reserves of foreign exchange gold
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$637 million (2004 est.)
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Debt external
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$851 million (2001 est.)
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Economic aid recipient
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$194.3 million (1995)
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Currency
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Belarusian ruble (BYB/BYR)
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Currency code
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BYB/BYR
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Exchange rates
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Belarusian rubles per US dollar - 1,790.92 (2003), 1,920 (2002), 1,390 (2001), 876.75 (2000), 248.795 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Belarusian Translation , English to Russian Translation .
This information was reproduced in part from the CIA World Fact book.
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