Economy Overview
Belarus' economy in 2003 posted 6.1 percent growth and is likely to continue expanding through 2004, albeit at a slower growth rate. The Belarusian economy in 2004 is likely to be hampered by high inflation, persistent trade deficits, and ongoing rocky relations with Russia, Belarus' largest trading partner and energy supplier. 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 enterprises. In addition, 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. A wide range of redistributive policies has helped those at the bottom of the ladder. For the time being, Belarus remains self-isolated from the West and its open-market economies.
Agriculture Products
grain, potatoes, vegetables, sugar beets, flax; beef, milk
Industries
metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, television sets, chemical fibers, fertilizer, textiles, radios, refrigerators
Industrial Production Growth Rate
5% (2003 est.)
Labor Force
4.8 million (2000 est.)
Electricity production
24.4 billion kWh (2001)
Electricity Consumption
26.69 billion kWh (2001)
Electricity Exports
300 million kWh (2001)
Electricity Imports
4.3 billion kWh (2001)
Currency
Belarusian ruble (BYB/BYR)
Unemployment Rate
2.1% officially registered unemployed (December 2000); large number of underemployed workers (2003 est.)
Population Below Poverty Line
22% (1995 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 5.1%
Highest 10%: 20% (1998)
Distribution of Family Income Gini Index
21.7 (1998)
Budget
Revenues: $2.976 billion
Expenditures: $3.211 billion, including capital expenditures of $180 million (2003 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$851 million (2001 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Belarusian rubles per US dollar - 1,790.92 (2003), 1,920 (2002), 1,390 (2001), 876.75 (2000), 248.795 (1999)
