Belarus Economic Statistics and Indicators
28, Aug 2016, EDT. Welcome to the Belarus economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Belarus › Change country
National or Regional Currency: Belarussian Rouble, BYR
Year of data: 2015 › Change year
Number of Indicators Listed: 36
Full Dataset: From Year 1980 to 2021
Date of Last Update: 30th June 2016
Population: 9,608,058 (July 2014 est.)
Area: total: 207,600 sq km ; land: 202,900 sq km ; water: 4,700 sq km
Natural Resources: timber, peat deposits, small quantities of oil and natural gas, granite, dolomitic limestone, marl, chalk, sand, gravel, clay
Capital: name: Minsk ; geographic coordinates: 53 54 N, 27 34 E ; time difference: UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
As part of the former Soviet Union, Belarus had a relatively well-developed industrial base; it retained this industrial base - which is now outdated, energy inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets - following the breakup of the USSR. The country also has a broad agricultural base which is inefficient and dependent on government subsidies. After an initial burst of capitalist reform from 1991-94, including privatization of state enterprises, creation of institutions of private property, and development of entrepreneurship, Belarus' economic development greatly slowed. About 80% of all industry remains in state hands, and foreign investment has been hindered by a climate hostile to business. A few banks, which had been privatized after independence, were renationalized. State banks account for 75% of the banking sector. Economic output, which had declined for several years following the collapse of the Soviet Union, revived in the mid-2000s thanks to the boom in oil prices. Belarus has only small reserves of crude oil, though it imports most of its crude oil and natural gas from Russia at prices substantially below the world market. Belarus exported refined oil products at market prices produced from Russian crude oil purchased at a steep discount. In late 2006, Russia began a process of rolling back its subsidies on oil and gas to Belarus. Tensions over Russian energy reached a peak in 2010, when Russia stopped the export of all subsidized oil to Belarus save for domestic needs. In December 2010, Russia and Belarus reached a deal to restart the export of discounted oil to Belarus. Little new foreign investment has occurred in recent years. In 2011, a financial crisis began, triggered by government directed salary hikes unsupported by commensurate productivity increases. The crisis was compounded by an increased cost in Russian energy inputs and an overvalued Belarusian ruble, and eventually led to a near three-fold devaluation of the Belarusian ruble in 2011. In November 2011, Belarus agreed to sell to Russia its remaining shares in Beltransgaz, the Belarusian natural gas pipeline operator, in exchange for reduced prices for Russian natural gas. Receiving more than half of a $3 billion loan from the Russian-dominated Eurasian Economic Community (EurAsEC) Bail-out Fund, a $1 billion loan from the Russian state-owned bank Sberbank, and the $2.5 billion sale of Beltranzgas to Russian state-owned Gazprom helped stabilize the situation in 2012; nevertheless, the Belarusian currency lost more than 60% of its value, as the rate of inflation reached new highs in 2011 and 2012, before calming in 2013. As of January 2014, the final tranche of the EurAsEC loan has been delayed, but in December 2013 Russia announced a new loan for Belarus of up to $2 billion for 2014. Notwithstanding foreign assistance, the Belarusian economy continues to struggle under the weight of high external debt servicing payments, a growing trade deficit, stagnant economic growth, and low foreign reserves.
More on the Belarus Economy
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GDP (Constant Prices, National Currency) for Belarus in year 2015 is BYR 156,820.48 Billion.
GDP (Current Prices, National Currency) for Belarus in year 2015 is BYR 869,701.91 Billion.
GDP (Current Prices, US Dollars) for Belarus in year 2015 is US$ 54.609 Billion.
GDP Deflator for Belarus in year 2015 is 554.584 (Index, Base Year as per country's accounts = 100).
GDP Per Capita (Constant Prices, National Currency) for Belarus in year 2015 is BYR 16,509,678.29 .
GDP Per Capita (Current Prices, National Currency) for Belarus in year 2015 is BYR 91,560,098.93 .
GDP Per Capita (Current Prices, US Dollars) for Belarus in year 2015 is US$ 5,749.12 .
GDP (PPP), US Dollars for Belarus in year 2015 is US$ 167.692 Billion.
GDP Per Capita (PPP), US Dollars for Belarus in year 2015 is US$ 17,654.17 .
Implied PPP Conversion Rate for Belarus in year 2015 is 5,186.32 .
Investment (% of GDP) for Belarus in year 2015 is 35.89 %.
Inflation, Average Consumer Prices (Indexed to Year 2000) for Belarus in year 2015 is 627.34 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Belarus in year 2015 is 654.298 (Index, Base Year 2000 = 100).
Population for Belarus in year 2015 is 9.499 Million .
General government revenue (National Currency) for Belarus in year 2015 is BYR 368,551.43 Billions.
General government total expenditure (National Currency) for Belarus in year 2015 is BYR 370,820.56 Billions.
Total Government Net Lending/ Borrowing (National Currency) for Belarus in year 2015 is BYR -2,269.13 Billions.
Fiscal Year Gross Domestic Product, Current Prices for Belarus in year 2015 is BYR 869,701.91 Billions.
Current Account Balance (US Dollars) for Belarus in year 2015 is US$ -1.064 Billion.
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Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International