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 | 4.956 million (2023 est.) |
|---|---|
| Industrial production growth rate | 8.12% (2023 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 | 11.23% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Belarusian rubles (BYB/BYR) per US dollar - |
| 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.) |
| Exchange rates 2019 | 2.092 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $8.118 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $7.923 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $8.425 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$1.02 billion (2023 est.) |
| Current account balance 2022 | $2.539 billion (2022 est.) |
| Current account balance 2021 | $2.157 billion (2021 est.) |
| Public debt | |
| Public debt 2019 | 33.24% of GDP (2019 est.) |
| Budget | |
| Revenues | $20.609 billion (2022 est.) |
| Expenditures | $20.856 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.85% of GDP (2023 est.) |
| Remittances 2022 | 1.99% of GDP (2022 est.) |
| Remittances 2021 | 1.65% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 4.4% (2020 est.) |
| Highest 10% | 20.7% (2020 est.) |
| Average household expenditures | |
| On food | 31.7% of household expenditures (2022 est.) |
| On alcohol and tobacco | 7.7% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $47.398 billion (2023 est.) |
| Imports 2022 | $42.289 billion (2022 est.) |
| Imports 2021 | $45.465 billion (2021 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 2023 | $47.398 billion (2023 est.) |
| Imports 2022 | $42.289 billion (2022 est.) |
| Imports 2021 | $45.465 billion (2021 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) 2023 | $254.407 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $244.89 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $256.855 billion (2021 est.) |
| GDP (official exchange rate) | $71.857 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $27,700 (2023 est.) |
| Real GDP per capita 2022 | $26,500 (2022 est.) |
| Real GDP per capita 2021 | $27,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 7.3% (2023 est.) |
| Industry | 32.5% (2023 est.) |
| Services | 47.8% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 54.7% (2023 est.) |
| Government consumption | 18.1% (2023 est.) |
| Investment in fixed capital | 21.9% (2023 est.) |
| Investment in inventories | 2.2% (2023 est.) |
| Exports of goods and services | 66.8% (2023 est.) |
| Imports of goods and services | -66.2% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 3.57% (2023 est.) |
| Unemployment rate 2022 | 3.57% (2022 est.) |
| Unemployment rate 2021 | 3.9% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 10.2% (2023 est.) |
| Male | 10.7% (2023 est.) |
| Female | 9.8% (2023 est.) |
All Important Facts about Belarus
Want to know more about Belarus? Check all different factbooks for Belarus below.
