Economy - overview:
As part of the former Soviet Union, Belarus had a relatively well-developed, though aging industrial base; it retained this industrial base - which is now outdated, energy inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets - following the breakup of the USSR.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 largely inefficient and dependent on government subsidies. After an initial burst of capitalist reform between 1991 and 1994, including privatization of smaller state enterprises and some service sector businesses, 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 non-Russian foreign investment has been hindered by a reluctance to welcome private investment absent joint ownership or affiliation with the state. A few businesses, which had been privatized after independence, were renationalized. State banks account for 75% of the banking sector.Economic output declined for several years following the collapse of the Soviet Union, but revived in the mid-2000s due 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 world market prices. Belarus then derives export revenue by refining Russian crude and selling it at market prices. In late 2006, Russia began a process of rolling back its subsidies on oil and gas exports to Belarus. Several times since, Russia and Belarus have had serious disagreements over the level and price of Russian energy supplies. At one point in 2010, Russia stopped the export of all subsidized oil to Belarus save for domestic needs before the two countries reached a deal to restart the export of discounted oil to Belarus. Beginning in early 2016, Russia claimed Belarus began accumulating debt – reaching $740 million by April 2017 – for paying below an agreed price for Russian natural gas. Russia decided to reduce 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. The agreement paved the way for resumption of cheap energy imports and financial assistance from the Eurasian Fund for Stabilization and Development.New non-Russian foreign investment has been limited in recent years. In 2011, a financial crisis began, triggered by government-directed salary hikes, compounded by an increased cost in Russian energy inputs and an overvalued Belarusian ruble that lead to a nearly three-fold devaluation of the Belarusian ruble. In November 2011, Belarus agreed to sell to Russia its remaining shares of Beltransgaz, the Belarusian natural gas pipeline operator, in exchange for reduced prices for Russian natural gas. The situation stabilized in 2012, after Belarus received part of a $3 billion loan from the Russian-dominated Eurasian Economic Community Bailout Fund, a $1 billion loan from the Russian state-owned bank Sberbank, and $2.5 billion from the sale of Beltransgaz to Russian state-owned Gazprom; nevertheless, the Belarusian currency lost more than 60% of its value, as inflation reached new highs in 2011 and 2012, before calming in 2013. In December 2013, Russia announced a new loan for Belarus of up to $2 billion for 2014. Notwithstanding foreign assistance, the Belarusian economy continued to struggle under the weight of high external debt servicing payments and trade deficit. In mid-December 2014, structural economic shortcomings were aggravated by the devaluation of the Russian ruble, which triggered a near 40% devaluation of the Belarusian ruble.Belarus’s economy stagnated between 2012 and 2016, which led to widening productivity and income gaps between Belarus and neighboring countries. Since 2015, the Belarusian government has tightened its macro-economic policies, allowed more flexibility to its exchange rate, taken steps towards price liberalization, and reduced subsidized government lending to state-owned industrial and agricultural enterprises, amid a drop in state budget revenues that resulted from falling global prices on key Belarusian export commodities - petroleum products and potash fertilizer. Belarus returned to weak growth in 2017, largely driven by improvement of external conditions that allowed for growth in its manufacturing sector. Belarus also issued sovereign debt for the first time since 2011 for $1.4 billion in June 2017, which provided the country with badly-needed liquidity.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$175.9 billion (2017 est.)
$174.6 billion (2016 est.)
$179.4 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 72
$52.78 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
0.7% (2017 est.)
-2.6% (2016 est.)
-3.8% (2015 est.)
country comparison to the world: 192
[see also: GDP - real growth rate country ranks ]
$18,600 (2017 est.)
$18,400 (2016 est.)
$18,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 95
19.4% of GDP (2017 est.)
21.7% of GDP (2016 est.)
25.8% of GDP (2015 est.)
country comparison to the world: 95
[see also: Gross national saving country ranks ]
household consumption: 54.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -1.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 65%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -59.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 8.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 40.6%
[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 ]
grain, potatoes, vegetables, sugar beets, flax; beef, milk
metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, synthetic fibers, fertilizer, textiles, refrigerators, washing machines and other household appliances
3.5% (2017 est.)
country comparison to the world: 86
[see also: Industrial production growth rate country ranks ]
4.381 million (2016 est.)
country comparison to the world: 90
[see also: Labor force country ranks ]
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 ]
1% (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 ]
5.7% (2016 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 3.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 21.9% (2008)
26.5 (2011)
21.7 (1998)
country comparison to the world: 140
[see also: Distribution of family income - Gini index country ranks ]
revenues: $22.8 billion
[see also: Budget - revenues country ranks ]
expenditures: $22.54 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
43.2% of GDP (2017 est.)
country comparison to the world: 28
[see also: Taxes and other revenues country ranks ]
0.5% of GDP (2017 est.)
country comparison to the world: 23
[see also: Budget surplus (+) or deficit (-) country ranks ]
46.2% of GDP (2017 est.)
47.5% of GDP (2016 est.)
country comparison to the world: 113
[see also: Public debt country ranks ]
calendar year
8% (2017 est.)
11.8% (2016 est.)
country comparison to the world: 197
[see also: Inflation rate (consumer prices) country ranks ]
14% (19 April 2017)
15% (15 March 2017)
country comparison to the world: 11
[see also: Central bank discount rate country ranks ]
14% (31 December 2017 est.)
14.4% (31 December 2016 est.)
country comparison to the world: 52
[see also: Commercial bank prime lending rate country ranks ]
$2.881 billion (31 December 2017 est.)
$2.718 billion (31 December 2016 est.)
country comparison to the world: 121
[see also: Stock of narrow money country ranks ]
$6.03 billion (31 December 2017 est.)
$5.431 billion (31 December 2016 est.)
country comparison to the world: 125
[see also: Stock of broad money country ranks ]
$21.45 billion (31 December 2017 est.)
$20.64 billion (31 December 2016 est.)
country comparison to the world: 89
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$2.801 billion (2017 est.)
-$1.703 billion (2016 est.)
country comparison to the world: 164
[see also: Current account balance country ranks ]
$24.2 billion (2017 est.)
$22.98 billion (2016 est.)
country comparison to the world: 67
[see also: Exports country ranks ]
machinery and equipment, mineral products, chemicals, metals, textiles, foodstuffs
Russia 46.3%, Ukraine 12.2%, UK 4.6%, Germany 4% (2016)
$26.2 billion (2017 est.)
$25.57 billion (2016 est.)
country comparison to the world: 67
[see also: Imports country ranks ]
mineral products, machinery and equipment, chemicals, foodstuffs, metals
Russia 55.5%, China 7.8%, Germany 4.9%, Poland 4.4% (2016)
$5.059 billion (31 December 2017 est.)
$4.927 billion (31 December 2016 est.)
country comparison to the world: 93
[see also: Reserves of foreign exchange and gold country ranks ]
$38.75 billion (31 December 2017 est.)
$37.74 billion (31 December 2016 est.)
country comparison to the world: 75
[see also: Debt - external country ranks ]
$6.929 billion (31 December 2016 est.)
$7.241 billion (31 December 2015)
country comparison to the world: 99
[see also: Stock of direct foreign investment - at home country ranks ]
$3.547 billion (31 December 2016 est.)
$4.649 billion (31 December 2015)
country comparison to the world: 77
[see also: Stock of direct foreign investment - abroad country ranks ]
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.)