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, chicken (2023).
More about the economy of Belarus
| Labor force | 4.817 million (2024 est.) |
|---|---|
| Industrial production growth rate | 6% (2024 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 | 3.9% (2022 est.) |
| Taxes and other revenues | 12.7% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Belarusian rubles (BYB/BYR) per US dollar - |
| Exchange rates 2024 | 3.246 (2024 est.) |
| Exchange rates 2023 | 3.007 (2023 est.) |
| Exchange rates 2022 | 2.626 (2022 est.) |
| Exchange rates 2021 | 2.539 (2021 est.) |
| Exchange rates 2020 | 2.44 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $18.01 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $8.912 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $8.118 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $7.923 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$1.925 billion (2024 est.) |
| Current account balance 2023 | -$1.104 billion (2023 est.) |
| Current account balance 2022 | $2.628 billion (2022 est.) |
| Public debt | |
| Public debt 2019 | 33.2% of GDP (2019 est.) |
| Budget | |
| Revenues | $22.876 billion (2023 est.) |
| Expenditures | $21.912 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 1.8% of GDP (2024 est.) |
| Remittances 2023 | 1.7% of GDP (2023 est.) |
| Remittances 2022 | 2% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 4.5% (2020 est.) |
| Highest 10% | 20.7% (2020 est.) |
| Average household expenditures | |
| On food | 29.5% of household expenditures (2023 est.) |
| On alcohol and tobacco | 7.6% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $50.679 billion (2024 est.) |
| Imports 2023 | $47.459 billion (2023 est.) |
| Imports 2022 | $42.438 billion (2022 est.) |
| Imports (partners) | China 33%, Poland 16%, Germany 11%, Lithuania 10%, Turkey 9% (2023) |
| Comodities Imports force | cars, broadcasting equipment, fabric, plastic products, video displays (2023) |
| Exports | |
| Imports 2024 | $50.679 billion (2024 est.) |
| Imports 2023 | $47.459 billion (2023 est.) |
| Imports 2022 | $42.438 billion (2022 est.) |
| Exports (partners) | China 34%, Kazakhstan 10%, Uzbekistan 7%, Poland 6%, Brazil 5% (2023) |
| Comodities Exports force | fertilizers, rapeseed oil, wood, poultry, beef (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $265.22 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $254.995 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $244.89 billion (2022 est.) |
| GDP (official exchange rate) | $75.962 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $29,000 (2024 est.) |
| Real GDP per capita 2023 | $27,800 (2023 est.) |
| Real GDP per capita 2022 | $26,500 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 6.9% (2024 est.) |
| Industry | 30.7% (2024 est.) |
| Services | 49.7% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 56.8% (2024 est.) |
| Government consumption | 19% (2024 est.) |
| Investment in fixed capital | 23.8% (2024 est.) |
| Investment in inventories | 2% (2024 est.) |
| Exports of goods and services | 65.1% (2024 est.) |
| Imports of goods and services | -66.9% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 3.4% (2024 est.) |
| Unemployment rate 2023 | 3.5% (2023 est.) |
| Unemployment rate 2022 | 3.6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 10.1% (2024 est.) |
| Male | 11.7% (2024 est.) |
| Female | 8.4% (2024 est.) |
All Important Facts about Belarus
Want to know more about Belarus? Check all different factbooks for Belarus below.
