Belarus - Economy
How is the economy of Belarus? Based on the information we have, Belarus has a declining Russian energy subsidies will end in 2024; growing public debt; strong currency pressures have led to higher inflation; recent price controls on basic food and drugs; public sector wage increases and fragile private sector threaten household income gains and economic growth. Key agricultural products in this country include: milk, sugar beets, potatoes, wheat, triticale, barley, maize, rapeseed, rye, apples (2022).
More about the economy of Belarus
| Labor force | 4.994 million (2022 est.) |
|---|---|
| Industrial production growth rate | -6.11% (2022 est.) |
| Industries | metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, synthetic fibers, fertilizer, textiles, refrigerators, washing machines and other household appliances |
| Population below poverty line | 4.8% (2020 est.) |
| Taxes and other revenues | 12.83% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Belarusian rubles (BYB/BYR) per US dollar - |
| Exchange rates 2022 | 2.626 (2022 est.) |
| Exchange rates 2021 | 2.539 (2021 est.) |
| Exchange rates 2020 | 2.44 (2020 est.) |
| Exchange rates 2019 | 2.092 (2019 est.) |
| Exchange rates 2018 | 2.038 (2018 est.) |
| Debt - external | |
| Debt - external 2019 | $39.847 billion (2019 est.) |
| Debt - external 2018 | $39.297 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $7.923 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $8.425 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $7.468 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | $2.517 billion (2022 est.) |
| Current account balance 2021 | $2.157 billion (2021 est.) |
| Current account balance 2020 | -$178.4 million (2020 est.) |
| Public debt | |
| Public debt 2019 | 33.24% of GDP (2019 est.) |
| Public debt 2018 | 37.1% of GDP (2018 est.) |
| Public debt 2017 | 39.88% of GDP (2017 est.) |
| Budget | |
| Revenues | $24.743 billion (2019 est.) |
| Expenditures | $24.239 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | 2.9% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 2.01% of GDP (2022 est.) |
| Remittances 2021 | 1.65% of GDP (2021 est.) |
| Remittances 2020 | 1.65% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 4.4% |
| Highest 10% | 20.7% (2020 est.) |
| Average household expenditures | |
| On food | 32.1% of household expenditures (2021 est.) |
| On alcohol and tobacco | 7.7% of household expenditures (2021 est.) |
| Imports | |
| Imports 2022 | $42.28 billion (2022 est.) |
| Imports 2021 | $45.465 billion (2021 est.) |
| Imports 2020 | $35.236 billion (2020 est.) |
| Imports (partners) | China 26%, Poland 15%, Germany 12%, Lithuania 12%, Turkey 9% (2022) |
| Comodities Imports force | cars, packaged medicine, fabric, plastic products, vehicle parts/accessories (2022) |
| Exports | |
| Imports 2022 | $42.28 billion (2022 est.) |
| Imports 2021 | $45.465 billion (2021 est.) |
| Imports 2020 | $35.236 billion (2020 est.) |
| Exports (partners) | China 15%, Ukraine 12%, Poland 9%, Kazakhstan 8%, Lithuania 8% (2022) |
| Comodities Exports force | fertilizers, refined petroleum, rapeseed oil, wood, beef (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $176.183 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $184.867 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $180.466 billion (2020 est.) |
| GDP (official exchange rate) | $72.793 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $19,100 (2022 est.) |
| Real GDP per capita 2021 | $19,900 (2021 est.) |
| Real GDP per capita 2020 | $19,200 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 8.1% (2017 est.) |
| Industry | 40.8% (2017 est.) |
| Services | 51.1% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 54.8% (2017 est.) |
| Government consumption | 14.6% (2017 est.) |
| Investment in fixed capital | 24.9% (2017 est.) |
| Investment in inventories | 5.7% (2017 est.) |
| Exports of goods and services | 67% (2017 est.) |
| Imports of goods and services | -67% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2022 | 3.57% (2022 est.) |
| Unemployment rate 2021 | 3.9% (2021 est.) |
| Unemployment rate 2020 | 4.05% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 11.3% (2021 est.) |
| Male | 14% |
| Female | 8.4% |
All Important Facts about Belarus
Want to know more about Belarus? Check all different factbooks for Belarus below.
