Belarus Unemployment Rate 1991-2023 (2024)

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What is the unemployment rate in Belarus 2023? ›

Key information about Belarus Unemployment Rate

Belarus Unemployment Rate remained the same at 0.10% in Apr 2023, from the previously reported figure of 0.10% in Mar 2023. Belarus Unemployment Rate is updated monthly, available from Oct 2004 to Apr 2023, with an average rate of 0.70%.

Unemployment refers to the share of the labor force that is without work but available for and seeking employment. Belarus unemployment rate for 2021 was 4.74%, a 0.03% decline from 2020.

It has been described as a welfare state or market socialist. Belarus is the world's 74th-largest economy by GDP. $79.7 billion (nominal, 2022 est.) $201.967 billion (PPP, 2022 est.)

[2] In June 2021 EBRD projected 0.5% GDP growth for Belarus in 2022, but then revised their estimate to 0.2% growth in their regional report from November 2021.

World Economics estimates Belarus's GDP to be $242 billion - 38% larger than official estimates. 2023 data is based on IMF growth rate estimates applied to World Economics GDP data.

Worldwide gross domestic product in 2021 was at about 12,282 USD per capita. GDP in Belarus, on the other hand, reached USD 7,459 per capita, or 69.67 billion USD for the whole country. Belarus is therefore currently ranked 75 of the major economies. Inflation in Belarus in 2022 was around 15.21%.

Belarus Annual Household Income per Capita reached 4,696.546 USD in Dec 2022, compared with the previous value of 4,292.948 USD in Dec 2021. Belarus Annual Household Income per Capita data is updated yearly, available from Dec 1995 to Dec 2022, with an averaged value of 3,607.816 USD.

As a result of revisions in PPP exchange rates, poverty rates for individual countries cannot be compared with poverty rates reported in earlier editions. Belarus poverty rate for 2020 was 1.30%, a 1.1% decline from 2019. Belarus poverty rate for 2019 was 2.40%, a 0.5% increase from 2018.

What is the poverty level in Belarus? ›

Poverty headcount ratio at national poverty line

In 2020, poverty rate at national poverty line for Belarus was 4.8 %. Poverty rate at national poverty line of Belarus fell gradually from 28.9 % in 2001 to 4.8 % in 2020.

The economic contraction in Belarus in 2015 and 2016 led to an uptick in poverty from 0.4 percent in 2014 to 0.8 percent in 2017 at the $5.50 per day threshold (2011 PPP), following 15 years of consecutive poverty reduction. In 2018 the poverty rate fell back to 0.4 percent.

The unemployment rate has varied from as low as 1% during World War I to as high as 25% during the Great Depression.

This downward cycle can be devastating to individuals and the economy. The highest rate of U.S. unemployment was 24.7% in 1933, during the Great Depression.

States With the Lowest Unemployment Rates

The latest report showed the state with the lowest unemployment was South Dakota, with a jobless rate of 1.9%. Nebraska was also among the states with the strongest job market, according to the latest data, with an unemployment rate of just 2.0%.

Unemployment. Reflecting the expected slowdown in economic growth, the overall rate of unemployment is projected to rise from 3.6 percent in the fourth quarter of 2022 to 5.1 percent by the end of 2023, averaging 4.7 percent for 2023 as a whole.

On an annual-average over annual-average basis, the forecasters have lowered their 2023 unemployment rate forecast from 3.8 percent in the previous survey to 3.7 percent in the current survey. The forecasters see stronger payroll employment growth in 2023 than they did three months ago.

Belarus Inflation at an All-Time Low

The annual inflation rate in Belarus eased to 3.7 percent in May 2023 from 4.7 percent in April, logging the lowest reading since records began in 1992.

Russia's unemployment rate fell to 3.2% in May 2023, a new record low and below market forecasts of 3.5%, amid ongoing labor shortages due to the mobilization of Russian citizens to join the military and fight in Ukraine.