Belarus

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Introduction - Belarus:
Location - Belarus:
People - Belarus:
Government - Belarus:
Economy - Belarus:

Economy overview

Belaruss economy in 2006 posted more than 8% growth. Trade with Russia - by far its largest single trade partner - decreased in 2006, largely as a result of a change in the way the Value Added Tax (VAT) on trade was collected. Trade with European countries increased. 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 states right to intervene in the management of private enterprises. Since 2005, the government has re-nationalized a number of private companies. In addition, businesses have been subject to pressure by 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. Because of these restrictive economic policies, Belarus has had trouble attracting foreign investment, which remains low. Growth has been strong in recent years, despite the roadblocks in a tough, centrally directed economy with a high, but decreasing, rate of inflation. Belarus receives heavily discounted oil and natural gas from Russia and much of Belarus growth can be attributed to the re-export of Russian oil at market prices. This growth will be threatened in 2007, however, when Russia raises energy prices closer to world market prices for Belarus. Russia is planning to increase Belarusian gas prices from $47 per thousand cubic meters (tcm) to $100 per tcm for 2007, gradually increasing to world prices by 2011. Russia has also introduced an export duty on oil shipped to Belarus, which will increase gradually through 2009, and a requirement that Belarusian duties on re-exported Russian oil be shared with Russia - 70% will go to Russia in 2007, 80% in 2008, and 85% in 2009.

Gdp purchasing power parity

$82.94 billion (2006 est.)

Gdp official exchange rate

$28.98 billion (2006 est.)

Gdp real growth rate

9.9% (2006 est.)

Gdp per capita ppp

$8,100 (2006 est.)

Gdp composition by sector

agriculture: 9.3%
industry: 31.6%
services: 59.1% (2005 est.)

Labor force

4.3 million (31 December 2005)

Labor force by occupation

agriculture: 14%
industry: 34.7%
services: 51.3% (2003 est.)

Unemployment rate

1.6% officially registered unemployed; large number of underemployed workers (2005)

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

30.4 (2000)

Inflation rate consumer prices

9.5% (2006 est.)

Investment gross fixed

25.9% of GDP (2006 est.)

Budget

revenues: $6.578 billion
expenditures: $7.164 billion; including capital expenditures of $180 million (2006 est.)

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

15.6% (2005 est.)

Electricity production

29.33 billion kWh (2004)

Electricity consumption

31.05 billion kWh (2004)

Electricity exports

4.723 billion kWh (2004)

Electricity imports

8.5 billion kWh (2004)

Oil production

34,260 bbl/day (2004 est.)

Oil consumption

165,000 bbl/day (2004 est.)

Oil exports

249,900 bbl/day (2004 est.)

Oil imports

378,200 bbl/day (2004 est.)

Oil proved reserves

198 million bbl

Natural gas production

180 million cu m (2004 est.)

Natural gas consumption

20.5 billion cu m (2005 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

16.22 billion cu m (2004 est.)

Current account balance

-$511.8 million (2006 est.)

Exports

$19.61 billion f.o.b. (2006 est.)

Exports commodities

machinery and equipment, mineral products, chemicals, metals, textiles, foodstuffs

Exports partners

Russia 34.7%, Netherlands 17.7%, UK 7.5%, Ukraine 6.3%, Poland 5.2% (2006)

Imports

$21.12 billion f.o.b. (2006 est.)

Imports commodities

mineral products, machinery and equipment, chemicals, foodstuffs, metals

Imports partners

Russia 58.6%, Germany 7.5%, Ukraine 5.5% (2006)

Reserves of foreign exchange and gold

$1.329 billion (2006 est.)

Debt external

$5.498 billion (30 June 2006 est.)

Economic aid recipient

$194.3 million (1995)

Currency code

Belarusian ruble (BYB/BYR)

Exchange rates

Belarusian rubles per US dollar - 2,144.6 (2006), 2,150 (2005), 2,160.26 (2004), 2,051.27 (2003), 1,790.92 (2002)

Communications - Belarus:
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This page was last updated on 16 September, 2007
Source: CIA >>>


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