Economy Of Belarus - Belarus Information

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Economy Of Belarus
Belarus Information - Country Guides

Economy overview	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.
GDP	purchasing power parity - $62.56 billion (2004 est.)
GDP - real growth rate	6.8% (2004 est.)
GDP - per capita	purchasing power parity - $6,100 (2004 est.)
GDP - composition by sector	agriculture: 11.1% industry: 36.4% services: 52.5% (2004 est.)
Investment gross fixed	21.7% of GDP (2004 est.)
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 consumer prices	28.2% (2004 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 (2004 est.)
Public debt
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 production by source	fossil fuel: 99.5% hydro: 0.1% other: 0.4% (2001) nuclear: 0%
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)
Oil proved reserves
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.)
Natural gas proved reserves
Current account balance	$-945 million (2004 est.)
Exports	$9.413 billion f.o.b. (2004 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 (2004 est.)
Debt external	$851 million (2001 est.)
Economic aid recipient	$194.3 million (1995)
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)
Fiscal year	calendar year

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Economy Of BelarusBelarus Information - Country Guides

Economy Of Belarus
Belarus Information - Country Guides