Topic
World
Business | Europe
Online | Europe
Business | Belarus
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
grain, potatoes, vegetables, sugar
beets, flax; beef, milk
Airlines
Airlines
in Europe
Airlines
Worldwide
Airports
Airports
in Europe
Airports
Worldwide
Country Budget
revenues: $3.326 billion
expenditures: $3.564 billion, including
capital expenditures of $180 million (2004 est.)
Currency (code)
Belarusian ruble (BYB/BYR)
Currency Exchange Rate
Belarusian rubles per US dollar -
2,160.26 (2004), 2,051.27 (2003), 1,790.92 (2002), 1,390 (2001), 876.75
(2000)
Fiscal Year
calendar year
GDP (Gross Domestic Product)
GDP (purchasing power parity):
$70.5 billion (2004 est.)
GDP - real growth rate: 6.4%
(2004 est.)
GDP - per capita: purchasing
power parity - $6,800 (2004 est.)
GDP - composition by sector:
agriculture: 11%
industry: 36.4%
services: 52.6% (2004 est.)
Imports / Exports
Exports: $11.47 billion f.o.b.
(2004 est.)
Exports - commodities: machinery
and equipment, mineral products, chemicals, metals; textiles, foodstuffs
Exports - partners: Russia
47%, UK 8.3%, Netherlands 6.7%, Poland 5.3% (2004)
Imports: $13.57 billion f.o.b.
(2004 est.)
Imports - commodities: mineral
products, machinery and equipment, chemicals, foodstuffs, metals
Imports - partners: Russia
68.2%, Germany 6.6%, Ukraine 3.3% (2004)
Industries
metal-cutting machine tools, tractors,
trucks, earthmovers, motorcycles, televisions, chemical fibers, fertilizer,
textiles, radios, refrigerators
Investing
Forex,
Foreign Exchange Market: Currency Trading
Labor Force & Unemployment Rate
Labor force: 4.305 million
(31 December 2003)
Labor force - by occupation:
agriculture 14%, industry 34.7%, services 51.3% (2003 est.)
Unemployment rate: 2% officially
registered unemployed; large number of underemployed workers (2004)
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