Belarus

Belarus has seen limited 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. Since 2005, the government has re-nationalized a number of private companies. In addition, businesses have been subjected to pressure by central and local governments, including arbitrary changes in regulations, numerous rigorous inspections, retroactive application of new business regulations, and arrests of “disruptive” businessmen and factory owners. Continued state control over economic operations hampers market entry for businesses, both domestic and foreign. Government statistics indicate GDP growth was strong, surpassing 10% in 2008, despite the roadblocks of a tough, centrally directed economy with a high rate of inflation and a low rate of unemployment. However, the global crisis pushed the country into recession in 2009, and GDP grew only 0.2% for the year. Slumping foreign demand hit the industrial sector hard. Minsk has depended on a standby-agreement with the IMF to assist with balance of payments shortfalls. In line with IMF conditions, in 2009, Belarus devalued the ruble more than 40% and tightened some fiscal and monetary policies. On 1 January 2010, Russia, Kazakhstan and Belarus launched a customs union, with unified trade regulations and customs codes still under negotiation. In late January, Russia and Belarus amended their 2007 oil supply agreement. The new terms raised prices for above quota purchases, increasing Belarus’ current account deficit. GDP grew 4.8% in 2010, in part, on the strength of renewed export growth. In December 2010, Belarus, Russia and Kazakhstan signed an agreement to form a Common Economic Space and Russia removed all Belarusian oil duties.

$128.4 billion (2010 est.)

$122.5 billion (2009 est.)

$122.3 billion (2008 est.)

$52.89 billion (2010 est.)

4.8% (2010 est.)

0.2% (2009 est.)

10.2% (2008 est.)

$13,400 (2010 est.)

$12,700 (2009 est.)

$12,600 (2008 est.)

5 million (2009)

1% (2009 est.)

1.6% (2005)

27.1% (2003 est.)

27.9 (2005)

21.7 (1998)

36% of GDP (2010 est.)

7% (2010 est.)

12.9% (2009 est.)

13.5% (31 December 2009)

12% (31 December 2008)

11.68% (31 December 2009 est.)

8.55% (31 December 2008 est.)

$4.747 billion (31 December 2010 est)

$4.381 billion (31 December 2009 est)

$13.62 billion (31 December 2009)

$14.07 billion (31 December 2008)

$19.99 billion (31 December 2010 est.)

$17.15 billion (31 December 2009 est.)

$NA

grain, potatoes, vegetables, sugar beets, flax; beef, milk

metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, televisions, synthetic fibers, fertilizer, textiles, radios, refrigerators

10.5% (2010 est.)

29.92 billion kWh (2007 est.)

30.54 billion kWh (2007 est.)

5.062 billion kWh (2007 est.)

9.406 billion kWh (2007 est.)

31,400 bbl/day (2009 est.)

173,000 bbl/day (2009 est.)

303,900 bbl/day (2007 est.)

444,800 bbl/day (2007 est.)

198 million bbl (1 January 2010 est.)

152 million cu m (2008 est.)

17 billion cu m (2009 est.)

0 cu m (2009)

17.6 billion cu m (2009 est.)

2.832 billion cu m (1 January 2010 est.)

-$5.062 billion (2010 est.)

-$6.402 billion (2009 est.)

$24.49 billion (2010 est.)

$21.34 billion (2009 est.)

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

Russia 33.6%, Netherlands 13.78%, Ukraine 8.68%, Latvia 6.32%, Poland 4.19%, Germany 4.17% (2009)

$29.79 billion (2010 est.)

$28.31 billion (2009 est.)

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

Russia 56.42%, Germany 8.31%, Ukraine 4.79%, China 4.04% (2009)

$5.755 billion (31 December 2010 est.)

$4.831 billion (31 December 2009 est.)

$24.8 billion (31 December 2010 est.)

$19.74 billion (31 December 2009 est.)

Belarusian rubles (BYB/BYR) per US dollar - 3,019.9 (2010), 2,789.5 (2009), 2,130 (2008), 2,145 (2007), 2,144.6 (2006)