Belarus' Macroeconomic Analysis:
Nominal GDP of USD 68.6 billion in 2022.
Nominal GDP of USD 79.5 billion in 2023.
GDP per capita of USD 8,662 compared to the global average of USD 10,589.
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.
Average real GDP growth of 0.4% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Belarus
The economy lost momentum in Q3, and our panelists have penciled in a further slowdown for Q4. Available data supports this prediction, as GDP rose at a softer annual clip of 4.2% in January–October, compared to 4.5% in January–September. Growth in the agricultural, forestry and fishing sector slowed in the ten-month period, and the industrial sector lost steam due to deteriorations in manufacturing plus mining and quarrying. Meanwhile, the services sector is yet to fire on all cylinders through October, as domestic trade decelerated sharply, while activity in the transportation plus information and communication sectors increased at a faster pace compared to January–September. On the expenditure front, retail sales continued to climb double digits in October, hinting at robust private spending.Belarus Economic Forecasts
Projections out to 2034.45 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 14 expert analysts.
Want to get insight on the economic outlook for Belarus in the coming years? FocusEconomics collects projections out to 2034 on 45 economic indicators for Belarus from a panel of 14 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.