Economy Overview
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 part 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 Beltransgaz 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. In December 2013, Russia announced a new loan for Belarus of up to $2 billion for 2014. Notwithstanding foreign assistance, the Belarusian economy continued to struggle under the weight of high external debt servicing payments and trade deficit. In mid-December 2014, structural economic shortcomings were aggravated by the devaluation of the Russian ruble and triggered a near 40% devaluation of the Belarusian ruble. Belarus entered 2015 with stagnant economic growth and reduced hard currency reserves, with under one month of import cover.
Agriculture Products
grain, potatoes, vegetables, sugar beets, flax; beef, milk
Industries
metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, televisions, synthetic fibers, fertilizer, textiles, radios, refrigerators
Industrial Production Growth Rate
-6.5% (2015 est.)
Labor Force
4.546 million (2013 est.)
Labor Force by Occupation
Agriculture: 9.3%
Industry: 32.7%
Services: 58% (2014 est.)
Unemployment Rate
0.5% (2013 est.)
Population Below Poverty Line
6.3% (2012 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 3.8%
Highest 10%: 21.9% (2008)
Distribution of Family Income Gini Index
21.7 (1998)
Budget
Revenues: $22.97 billion
Expenditures: $22.17 billion (2015 est.)
Public Debt
34.1% of GDP (2014 est.)
Central Bank Discount Rate
10.5% (31 December 2010)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$3.524 billion (31 December 2014 est.)
Stock of Broad Money
$7.608 billion (31 December 2014 est.)
Stock of Domestic Credit
$27.3 billion (31 December 2014 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$5.059 billion (31 December 2014 est.)
Debt External
$40.01 billion (31 December 2014 est.)
Stock of Direct Foreign Investment at Home
$10.17 billion (31 December 2014 est.)
Stock of Direct Foreign Investment Abroad
$6 billion (31 December 2014 est.)
Exchange Rates
4,974.6 (2011 est.)
