After 70 years spent as part of the USSR, in 1991 Belarus became an independent state. However, under the leadership of the first and so far permanent President Alexander Lukashenko, it has maintained deeper ties with Russia in the economic, political and other spheres than any other former Soviet republic. While the majority chose "wild capitalism", Belarus headed for "market socialism". And as the latest statistics show, it was not such a bad choice. The per capita GDP of Belarus, taking into account purchasing power parity, is, according to 2016 data, 17,500 US dollars. Only the Russian Federation and Kazakhstan have a higher indicator among the CIS countries.
Belarus: GDP, population and other macroeconomic indicators
As a legacy from Soviet times, the country has a relatively developed industrial base for that period. It was never replaced untiltoday. Thus, the industrial base is outdated, energy-intensive and dependent on Russian markets. Agriculture is also inefficient and is subsidized by the state. Market reforms were carried out only at the very beginning of the period of independence, then some small objects were privatized. However, more than 80% of enterprises and 75% of banks remain state-owned. There is nothing surprising in the fact that the flow of foreign investment in such conditions is negligible. Consider the main macroeconomic indicators for 2016, unless otherwise indicated:
- Belarus's GDP at PPP is $165.4 billion. According to this indicator, the country is in 73rd place in the world.
- GDP growth – -3%. This is the second year in a row with a negative figure.
- Belarus' GDP per capita at PPP is $17,500.
- Gross domestic product by sector: agriculture 9.2%, industry 40.9%, services 49.8%.
- Workforce 4.546 million (as of 2013).
- Unemployment rate - 0.7% (for 2014).
- Labor by sector: agriculture – 9.3%, industry – 32.7%, services – 58% (as of 2014).
Gross domestic product dynamics
GDP of Belarus at the official rate in 2015 amounted to 54.61 billion dollars. This is 0.09% of the global economy. The average GDP of the Republic of Belarus for the period from 1990 to 2015 amounted to 32.27 billion dollarsUSA. The highest rate was recorded in 2014. Then the GDP was 76.1 billion US dollars. The lowest was in 1999. Then the Belarusian gross domestic product was 12.14 billion US dollars.
Belarus: GDP per capita
In 2015, this figure was 6158.99 US dollars. This is 49% of global GDP per capita. The average for the period from 1990 to 2015 was $6,428.4. The highest gross domestic product per capita was recorded in 2014. Then it amounted to 6428.4 dollars. The lowest was in 1995. It was equal to 1954.38 US dollars.
General characteristics of the national economy
When considering the economy of the Republic of Belarus, GDP growth is a key indicator. It has been negative for the last two years. For the third quarter of 2016, the gross domestic product decreased by 3.4%. The average GDP growth for the period from 2011 to 2016 was 0.76%. The record high figure was recorded in the second quarter of 2011. Then, compared to the same period in 2010, the gross domestic product of Belarus increased by 11.05%. The record low was in the second quarter of 2015. GDP decreased by 4.5%.
The main industries are machine tools for metal cutting, tractors, trucks, earthmoving equipment, motorcycles, synthetic fibers, fertilizers, textiles, radios, refrigerators. All of them work for the CIS countries and are characterized by significant obsolescencematerial and technical base. The main agricultural products are grain, potatoes, vegetables, sugar beet, beef, flax, milk. Agro-industry remains inefficient, its development is carried out in an extensive way. Agricultural enterprises are highly dependent on state support, subsidies are provided at all levels.
Outer Sector
The volume of exports of Belarus in 2016 amounted to 22.65 billion US dollars. This is the 66th place in the world. This is less than in 2015. The average for the period from 2000 to 2016 is $18.81 billion. The record low export was recorded in January 2000. Then it was only 3.71 billion US dollars. For export are such goods as machinery and various equipment, mineral products, chemicals, textiles, food. The main export partners of Belarus are the following states: Russia, Great Britain, Ukraine, the Netherlands, Germany. In 2016, the country's imports amounted to $25.44 billion. Belarus imports such goods as mineral products, machinery and various equipment, chemicals, foodstuffs, and metals. Import partners are the following countries: Russia, China, Germany.
