Belarus' economy in numbers:
Nominal GDP of USD 68.6 billion in 2022.
GDP per capita of USD 7,410 compared to the global average of USD 10,589.
Average real GDP growth of 0.2% over the last decade.
Share of the region's population
Economic structure:
In 2021, services accounted for 61% of overall GDP, manufacturing 23%, other industrial activity 9%, and agriculture 7%. Looking at GDP by expenditure, private consumption accounted for 51% of GDP in 2021, government consumption 14%, fixed investment 25%, and net exports 10%.
GDP by economic sector
GDP by type of expenditure
International trade:
In 2021, manufactured products made up 38% of total merchandise exports, mineral fuels 13%, food 17%, ores and metals 1% and agricultural raw materials 4%, with other categories accounting for 27% of the total. In the same period, manufactured products made up 49% of total merchandise imports, mineral fuels 20%, food 10%, ores and metals 4% and agricultural raw materials 1%, with other goods accounting for 16% of the total. Total exports were worth USD 38 billion in 2022, while total imports were USD 37 billion.
Key exports
Key imports
Key export partners
Key import partners
Economic growth:
The economy recorded average annual growth of 0.2% in the decade to 2022. To read more about GDP growth in Belarus, go to our dedicated page.
Fiscal policy:
Belarus's fiscal deficit averaged 1.0% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment:
The unemployment rate averaged 5.1% in the decade to 2022. For more information on Belarus's unemployment click here.
Inflation:
Inflation averaged 16.0% in the decade to 2022. Go to our Belarus inflation page for extra insight.
Monetary Policy:
Belarus's monetary policy rate ended 2022 at 12.00%, down from 30.00% a decade earlier. See our Belarus monetary policy page for additional details.
Exchange Rate:
From end-2012 to end-2022 the ruble weakened by 64% vs the U.S. dollar. For more info on the ruble, click here.
The economy ended the year on a high note: Cumulative GDP rose 3.9% year on year in January–December (January–September: +3.6% yoy). The result stemmed from stronger construction growth, robust mining and wholesale and retail trade activity, and softer declines in agricultural output and energy production. Private spending was likely also resilient: Retail sales expanded at a quicker pace in Q4 compared to Q3 despite higher inflation and easing wage growth. Less positively, goods exports swung into contraction in November, pointing to headwinds to external demand. In other news, the government carried out mass raids, interrogations and arrests of the friends and relatives of political prisoners in January. The move, which took place ahead of February’s local and parliamentary elections, bodes ill for civic freedoms and investor sentiment and could trigger additional foreign sanctions.
Projections out to 2033.
39 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 10 expert analysts.
Want to get insight on the economic outlook for Belarus in the coming years? FocusEconomics collects projections out to 2033 on 39 economic indicators for Belarus from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts'projections with timely written analysis from our in-house team of economists on the latest developments in the Belarus economy.To download a sample report on the Belarus' economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .
