Belarus Economy
Economy - overviewBelarus' 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.
GDP
purchasing power parity - $62.56 billion (2003 est.)
GDP - real growth rate
6.8% (2003 est.)
GDP - per capita
purchasing power parity - $6,100 (2003 est.)
GDP - composition by sector
agriculture: 11.1%
industry: 36.4%
services: 52.5% (2003 est.)
Investment
21.7% of GDP (2003)
Population below poverty line
22% (1995 est.)
Household income or consumption by percentage share
lowest 10%: 5.1%
highest 10%: 20% (1998)
Distribution of family income - Gini index
21.7 (1998)
Inflation rate
28.2% (2003 est.)
Labor force
4.8 million (2000 est.)
Labor force - by occupation
NA
Unemployment rate
2.1% officially registered unemployed (December 2000); large number of underemployed workers (2003 est.)
Budget
revenues: $2.976 billion
expenditures: $3.211 billion, including capital expenditures of $180 million (2003 est.)
Agriculture - products
grain, potatoes, vegetables, sugar beets, flax; beef, milk
Industries
metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, television sets, chemical fibers, fertilizer, textiles, radios, refrigerators
Industrial production growth rate
5% (2003 est.)
Electricity - production
24.4 billion kWh (2001)
Electricity - consumption
26.69 billion kWh (2001)
Electricity - exports
300 million kWh (2001)
Electricity - imports
4.3 billion kWh (2001)
Oil - production
37,000 bbl/day (2001 est.)
Oil - consumption
230,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Natural gas - production
200 million cu m (2001 est.)
Natural gas - consumption
18 billion cu m (2001 est.)
Natural gas - exports
0 cu m (2001 est.)
Natural gas - imports
17.8 billion cu m (2001 est.)
Current account balance
$-945 million (2003)
Exports
$9.413 billion f.o.b. (2003 est.)
Exports - commodities
machinery and equipment, mineral products, chemicals, metals; textiles, foodstuffs
Exports - partners
Russia 49.1%, UK 9.4%, Poland 4.4%, Germany 4.2%, Netherlands 4.2% (2003)
Imports
$11.09 billion f.o.b. (2003 est.)
Imports - commodities
mineral products, machinery and equipment, chemicals, foodstuffs, metals
Imports - partners
Russia 65.8%, Germany 7.1%, Ukraine 3.1% (2003)
Reserves of foreign exchange & gold
$637 million (2003)
Debt - external
$851 million (2001 est.)
Currency
Belarusian ruble (BYB/BYR)
Currency code
BYB/BYR
Exchange rates
Belarusian rubles per US dollar - 1,790.92 (2003), 1,920 (2002), 1,390 (2001), 876.75 (2000), 248.795 (1999)
