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Belarus Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











Belarus Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 23,

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.)
country comparison to the world: 61

$134.1 billion (2010 est.)
$124.7 billion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$57.7 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5% (2011 est.)
country comparison to the world: 75

7.6% (2010 est.)
0.2% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$14,900 (2011 est.)
country comparison to the world: 85

$14,200 (2010 est.)
$13,100 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 9.6%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 46.4%
[see also: GDP - composition by sector - industry country ranks ]
services: 44% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
5 million (2009)
country comparison to the world: 74
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 14%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 34.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 51.3% (2003 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
1% (2009 est.)
country comparison to the world: 4

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%
[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:
27.2 (2008)
country comparison to the world: 128

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

Investment (gross fixed):
43.2% of GDP (2011 est.)
country comparison to the world: 7
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $19.19 billion
[see also: Budget revenues country ranks ]
expenditures: $19.99 billion (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
33.3% of GDP (2011 est.)
country comparison to the world: 75
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.4% of GDP (2011 est.)
country comparison to the world: 59
[see also: Budget surplus (+) or deficit (-) country ranks ]

Inflation rate (consumer prices):
40.9% (2011 est.)
country comparison to the world: 222

7.8% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
10.5% (31 December 2010 est.)
country comparison to the world: 18

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

Commercial bank prime lending rate:
11% (31 December 2011 est.)
country comparison to the world: 112

9.217% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.307 billion (31 December 2011 est.)
country comparison to the world: 113

$4.554 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$16.75 billion (31 December 2010 est.)
country comparison to the world: 91

$13.31 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$18.94 billion (31 December 2011 est.)
country comparison to the world: 84

$25.25 billion (31 December 2010 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 ]

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:
10.5% (2010 est.)
country comparison to the world: 7
[see also: Industrial production growth rate country ranks ]

Electricity - production:
32.95 billion kWh (2008 est.)
country comparison to the world: 62
[see also: Electricity - production country ranks ]

Electricity - consumption:
31.07 billion kWh (2008 est.)
country comparison to the world: 59
[see also: Electricity - consumption country ranks ]

Electricity - exports:
5.245 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
1.84 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
31,010 bbl/day (2010 est.)
country comparison to the world: 68
[see also: Oil - production country ranks ]

Oil - consumption:
163,000 bbl/day (2010 est.)
country comparison to the world: 63
[see also: Oil - consumption country ranks ]

Oil - exports:
310,500 bbl/day (2009 est.)
country comparison to the world: 41
[see also: Oil - exports country ranks ]

Oil - imports:
471,400 bbl/day (2009 est.)
country comparison to the world: 27
[see also: Oil - imports country ranks ]

Natural gas - production:
150 million cu m (2009 est.)
country comparison to the world: 77
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
17.75 billion cu m (2009 est.)
country comparison to the world: 37
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2009 est.)
country comparison to the world: 65
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
17.6 billion cu m (2009 est.)
country comparison to the world: 16
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
2.832 billion cu m (1 January 2011 est.)
country comparison to the world: 95
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$4.077 billion (2011 est.)
country comparison to the world: 169

-$8.493 billion (2010 est.)
[see also: Current account balance country ranks ]

Exports:
$26.29 billion (2011 est.)
country comparison to the world: 67

$25.35 billion (2010 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Russia 38.9%, Netherlands 11%, Ukraine 10.2% (2010)

Imports:
$30.43 billion (2011 est.)
country comparison to the world: 64

$34.47 billion (2010 est.)
[see also: Imports country ranks ]

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

Imports - partners:
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.)
country comparison to the world: 114

$3.431 billion (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$29.63 billion (31 December 2011 est.)
country comparison to the world: 69

$22.13 billion (31 December 2010 est.)
[see also: Debt - external country ranks ]

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)


NOTE: 1) The information regarding Belarus on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belarus Economy 2012 information contained here. All suggestions for corrections of any errors about Belarus Economy 2012 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






This page was last modified 07-Mar-12
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