Belarus Economy: from the All Country Info reference guide to country facts

Belarus Economy

Belarus Economy: A summary of information about Belarus Economy, from government research data as well as independent research and other sources.

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Belarus: Economy

Economy - overview
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 re-imposed
administrative controls over prices and currency exchange rates and
expanded the state's right to intervene in the management of private
enterprise. In addition to the burdens imposed by high inflation,
businesses have been subject to pressure on the part of central and
local governments, e.g., arbitrary changes in regulations, numerous
rigorous inspections, and retroactive application of new business
regulations prohibiting practices that had been legal. Further
economic problems are two consecutive bad harvests, 1998-99, and
persistent trade deficits. Close relations with Russia, possibly
leading to reunion, color the pattern of economic developments. For
the time being, Belarus remains self-isolated from the West and its
open-market economies.
GDP
purchasing power parity - $55.2 billion (1999 est.)
GDP - real growth rate
1.5% (1999 est.)
GDP - per capita
purchasing power parity - $5,300 (1999 est.)
GDP - composition by sector
agriculture: 23%
industry: 28%
services: 49% (1998 est.)
Population below poverty line
22% (1995 est.)
Household income or consumption by percentage share
lowest 10%: 4.9%
highest 10%: 19.4% (1993)
Inflation rate (consumer prices)
295% (1999 est.)
Labor force
4.3 million (1998)
Labor force - by occupation
industry and construction NA%,
agriculture and forestry NA%, services NA%
Unemployment rate
2.3% officially registered unemployed (December
1998); large number of underemployed workers
Budget
revenues: $4 billion
expenditures: $4.1 billion, including capital expenditures of $180
million (1997 est.)
Industries
metal-cutting machine tools, tractors, trucks, earth
movers, motorcycles, TV sets, chemical fibers, fertilizer, textiles,
radios, refrigerators
Industrial production growth rate
8% (1999 est.)
Electricity - production
21.893 billion kWh (1998)
Electricity - production by source
fossil fuel: 99.89%
hydro: 0.11%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
28.66 billion kWh (1998)
Electricity - exports
2.3 billion kWh (1998)
Electricity - imports
10.6 billion kWh (1998)
Agriculture - products
grain, potatoes, vegetables, sugar beets,
flax; beef, milk
Exports
$6 billion (f.o.b., 1999)
Exports - commodities
machinery and equipment, chemicals, metals,
textiles, foodstuffs
Exports - partners
Russia 66%, Ukraine, Poland, Germany, Lithuania
(1998)
Imports
$6.4 billion (c.i.f., 1999)
Imports - commodities
mineral products, machinery and equipment,
metals, chemicals, foodstuffs
Imports - partners
Russia 54%, Ukraine, Germany, Poland, Lithuania
(1998)
Debt - external
$1.1 billion (1998 est.)
Economic aid - recipient
$194.3 million (1995)
Currency
Belarusian rubel (BR)
Exchange rates
Belarusian rubels per US$1 - 730,000 (15 December
1999), 139,000 (25 January 1999), 46,080 (2nd qtr 1998), 25,964
(1997), 15,500 (yearend 1996), 11,500 (yearend 1995)
Fiscal year
calendar year
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