Belarus Economy Profile 2002

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 reimposed 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 and persistent trade deficits, 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. 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)

purchasing power parity - $84.8 billion (2001 est.)

GDP - real growth rate

4.1% (2001 est.)

GDP - per capita (PPP)

purchasing power parity - $8,200 (2001 est.)

GDP - composition by sector

agriculture: 13%
industry: 42%
services: 45% (2000)

Population below poverty line

22% (1995 est.)

Household income or consumption by percentage share

lowest 10%: 5%
highest 10%: 20% (1998)

Inflation rate (consumer prices)

46.1% (2001 est.)

Labor force

4.8 million (2000)

Labor force - by occupation

industry and construction NA%, agriculture and forestry NA%, services NA%

Unemployment rate

2.1% officially registered unemployed (December 2000); large number of underemployed workers

Distribution of family income - Gini index

22 (1998)

Budget

revenues: $4 billion
expenditures: $4.1 billion, including capital expenditures of $180 million (1997 est.)

Industries

metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, television sets, chemical fibers, fertilizer, textiles, radios, refrigerators

Industrial production growth rate

5.4% (2001 est.)

Electricity - production

24.66 billion kWh (2000)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2000)

Electricity - consumption

26.78 billion kWh (2000)

Electricity - exports

300 million kWh (2000)

Electricity - imports

4.15 billion kWh (2000)

Agriculture - products

grain, potatoes, vegetables, sugar beets, flax; beef, milk

Exports

$7.5 billion f.o.b. (2001)

Exports - commodities

machinery and equipment, mineral products, chemicals, textiles, foodstuffs, metals

Exports - partners

Russia 51%, Ukraine 8%, Poland 4%, Germany 3% (2000)

Imports

$8.1 billion f.o.b. (2001)

Imports - commodities

mineral products, machinery and equipment, chemicals, foodstuffs, metals

Imports - partners

Russia 65%, Germany 7%, Poland 3% (2000)

Debt - external

$770 million (2001 est.)

Economic aid - recipient

$194.3 million (1995) (1995)

Currency

Belarusian ruble (BYB/BYR)

Currency (code)

BYB/BYR

Exchange rates

Belarusian rubles per US dollar - 1,590 (yearend 2001), 1,531.000 (November 2001), 876.750 (2000), 248.795 (1999), 46.127 (1998), 26.020 (1997); note - on 1 January 2000, the national currency was redenominated at one new ruble to 2,000 old rubles

Fiscal year

calendar year