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Economy - overview:
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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.
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GDP:
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purchasing power parity - $62.56 billion (2003 est.)
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GDP - real growth rate:
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6.8% (2003 est.)
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GDP - per capita:
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purchasing power parity - $6,100 (2003 est.)
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GDP - composition by sector:
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agriculture: 11.1%
industry: 36.4%
services: 52.5% (2003 est.)
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Investment (gross fixed):
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21.7% of GDP (2003)
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Population below poverty line:
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22% (1995 est.)
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Household income or consumption by percentage share:
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lowest 10%: 5.1%
highest 10%: 20% (1998)
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Distribution of family income - Gini index:
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21.7 (1998)
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Inflation rate (consumer prices):
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28.2% (2003 est.)
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Labor force:
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4.8 million (2000 est.)
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Labor force - by occupation:
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NA
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Unemployment rate:
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2.1% officially registered unemployed (December 2000); large number of underemployed workers (2003 est.)
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Budget:
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revenues: $2.976 billion
expenditures: $3.211 billion, including capital expenditures of $180 million (2003 est.)
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Agriculture - products:
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grain, potatoes, vegetables, sugar beets, flax; beef, milk
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Industries:
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metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, television sets, chemical fibers, fertilizer, textiles, radios, refrigerators
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Industrial production growth rate:
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5% (2003 est.)
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Electricity - production:
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24.4 billion kWh (2001)
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Electricity - consumption:
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26.69 billion kWh (2001)
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Electricity - exports:
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300 million kWh (2001)
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Electricity - imports:
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4.3 billion kWh (2001)
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Oil - production:
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37,000 bbl/day (2001 est.)
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Oil - consumption:
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230,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Natural gas - production:
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200 million cu m (2001 est.)
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Natural gas - consumption:
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18 billion cu m (2001 est.)
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Natural gas - exports:
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0 cu m (2001 est.)
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Natural gas - imports:
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17.8 billion cu m (2001 est.)
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Current account balance:
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$-945 million (2003)
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Exports:
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$9.413 billion f.o.b. (2003 est.)
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Exports - commodities:
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machinery and equipment, mineral products, chemicals, metals; textiles, foodstuffs
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Exports - partners:
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Russia 49.1%, UK 9.4%, Poland 4.4%, Germany 4.2%, Netherlands 4.2% (2003)
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Imports:
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$11.09 billion f.o.b. (2003 est.)
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Imports - commodities:
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mineral products, machinery and equipment, chemicals, foodstuffs, metals
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Imports - partners:
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Russia 65.8%, Germany 7.1%, Ukraine 3.1% (2003)
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Reserves of foreign exchange & gold:
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$637 million (2003)
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Debt - external:
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$851 million (2001 est.)
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Economic aid - recipient:
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$194.3 million (1995)
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Currency:
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Belarusian ruble (BYB/BYR)
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Currency code:
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BYB/BYR
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Exchange rates:
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Belarusian rubles per US dollar - 1,790.92 (2003), 1,920 (2002), 1,390 (2001), 876.75 (2000), 248.795 (1999)
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Fiscal year:
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calendar year
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