Economy of Belarus

Economy of Belarus
	Minsk, the financial capital of Belarus
Currency	Belarusian ruble (BYN, Rbl)
Fiscal year	Calendar year
Trade organisations	CIS, EAEU, CISFTA
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	9,408,350 (1 January 2020)
GDP	$66.3 billion (nominal, 2024 est.); $170.934 billion (PPP, 2024 est.);
GDP rank	90th (nominal, 2022); 80rd (PPP, 2024);
GDP growth	3.1% (2018) 1.2% (2019e); −0.9% (2020) 3.3% (2021f);
GDP per capita	$7,051 (nominal, 2024 est.); $21,709 (PPP, 2022est.);
GDP per capita rank	82nd (nominal, 2022); 71st (PPP, 2022);
GDP by sector	agriculture: 8.1%; industry: 40.8%; services: 51.1%; (2017 est.);
GDP by component	household consumption: 54.8%; government consumption: 14.6%; investment in fixed capital: 24.9%; investment in inventories: 5.7%; exports of goods and services: 67%; imports of goods and services: −67%; (2017 est.);
Inflation (CPI)	4.8% (2020 est.)
Population below poverty line	5.6% (2018); 0.4% on less than $5.50/day (2020f);
Gini coefficient	25.2 low (2018)
Human Development Index	0.808 very high (2021) (60th); 0.765 high IHDI (2021);
Labour force	4,975,430 (2019); 67.5% employment rate (2018);
Labour force by occupation	agriculture: 9.7%; industry: 23.4%; services: 66.8%; (2015 est.);
Unemployment	4.8% (2018)
Average gross salary	Br 23,200 (annual)
Average net salary	Br 20,200 (annual)
Main industries	metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, synthetic fibers, fertilizer, textiles, refrigerators, washing-machines and other household appliances Agricultural products: grain, potatoes, vegetables, sugar beets, flax; beef, milk
External
Exports	$28.65 billion (2017 est.)
Export goods	Agricultural products 19.6%; Fuels and mining products 22.0%; Manufacturers 55.0%; Others 3.5%;
Main export partners	Russia 45.7%; Ukraine 13.7%; Poland 5.7%; Lithuania 5.08%; China 2.8%; Germany 2.7%; Estonia 2.2%; Kazakhstan 2.1%; Brazil 1.56%; Latvia 1.52% (2021);
Imports	$31.58 billion (2017 est.)
Import goods	Agricultural products 15.3%; Fuels and mining products 29.7%; Manufacturers 51.5%; Others 3.5%;
Main import partners	Russia 54.5%; China 9.4%; Poland 4.9%; Germany 4.7%; Ukraine 3.9%; Lithuania 2.9%; Turkey 2.4%; Italy 1.4%; Czech Republic 0.96%; United States 0.93% (2021);
FDI stock	$6.929 billion (31 December 2016 est.); Abroad: $3.547 billion (31 December 2016 est.);
Current account	−$931 million (2017 est.)
Gross external debt	$39.92 billion (31 December 2017 est.)
Public finances
Government debt	53.4% of GDP (2017 est.)
Budget balance	+2.9% (of GDP) (2017 est.)
Revenues	22.15 billion (2017 est.)
Expenses	20.57 billion (2017 est.)
Credit rating	Standard & Poor's:; B+ (Domestic); B (Foreign); B (T&C Assessment);
Foreign reserves	$7.315 billion (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Belarus is an upper-middle income mixed economy. As a post-Soviet transition economy, Belarus rejected most privatisation efforts in favour of retaining centralised political and economic controls by the state. The highly centralized Belarusian economy emphasizes full employment and a dominant public sector. It has been described as a welfare state or market socialist. Belarus is the world's 74th-largest economy by GDP.

As of 2018, Belarus ranks 53rd from 189 countries on the United Nations Human Development Index, and appeared in the group of states with "very high development". With an efficient health system, it has a very low infant-mortality rate of 2.9 (compared to 6.6 in Russia or 3.7 in the United Kingdom). The rate of doctors per capita is 40.7 per 10,000 inhabitants (the figure is 26.7 in Romania, 32 in Finland, 41.9 in Sweden) and the literacy rate is estimated at 99%. According to the United Nations Development Program, the Gini coefficient (inequality indicator) is one of the lowest (best) in Europe.

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