Economy Overview
Belarus's economy in 2003-04 posted 6.1% and 6.4% growth. Still, the economy continues 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; the Gini coefficient is among the lowest in the world. For the time being, Belarus remains self-isolated from the West and its open-market economies. Growth has been strong in recent years, despite the roadblocks in a tough, centrally directed economy and the high, but decreasing, rate of inflation. Growth has been buoyed by increased Russian demand for generally noncompetitive Belarusian goods.
Agriculture Products
grain, potatoes, vegetables, sugar beets, flax; beef, milk
Industries
metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, televisions, chemical fibers, fertilizer, textiles, radios, refrigerators
Industrial Production Growth Rate
4% (2004 est.)
Labor Force
4.305 million (31 December 2003)
Electricity production
30 billion kWh (2004)
Electricity Consumption
34.3 billion kWh (2004)
Electricity Exports
800 million kWh (2004)
Electricity Imports
3.2 billion kWh (2003)
Unemployment Rate
2% officially registered unemployed; large number of underemployed workers (2004)
Population Below Poverty Line
27.1% (2003 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: $3.326 billion
Expenditures: $3.564 billion, including capital expenditures of $180 million (2004 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
$770.2 million (2004 est.)
Debt External
$600 million (2004 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Belarusian rubles per US dollar - 2,160.26 (2004), 2,051.27 (2003), 1,790.92 (2002), 1,390 (2001), 876.75 (2000)
