Belarus Economy



The economy of Belarus is a developed one. It has enjoyed a sustained growth through the year 2007. Belarus happens to be the transit route between Russia and other CIS Nations. Hence, Belarus Economy enjoys this persistent growth. The mineral resource available in this place has helped the economy to grow and expand.
The GDP of Belarusian economy grew up to 9.9% during 2006 and it recorded a 9% growth in the year 2007. Theeconomy of Belarus started following Market Socialism post collapse period. The economy faced a crisis during the period 1998-99 due to some bad measures taken by the government.

Its connection with the Russian economy also had a great impact on the economy of Belarus. However, situations improved after the present government took up certain reformative measures. Belarus has a broad agricultural base.

Belarus Economic Performance GDP Inflation Graph 1996-2013

It produces potatoes, hemp, flax, oats, sugar beets, rye and wheat amply. During 1993 agriculture produced almost half of the GDP of Belaru economy and it employed 20% of the workforce. There are three major agricultural regions in Belarus, which contribute towards the agricultural production.
The north, central and southern region are conducive to the production of various types of crops. During 1990s the percentage of arable land decreased in Azerbaijan. Moreover, the famine conditions in 1994 added to the misery of the people. After the termination of the crisis period the government took special care of the agricultural sector so that it does not have to suffer any more set backs. The latest in the row of crises is soil depletion. The government is trying to protect the land to increase production.

Industry in Belarus
The industrial base of Belarus is nicely developed and contributes around 42% of the GDP. The major industries of Belarus are fertilizers, agricultural equipment, machine tools, motor vehicles, textiles, and electronic goods. The motor vehicles that are produced in various parts of Belarus are of excellent quality. Belarus has witnessed a growth in the industrial production during the year 2000.

Belarus Economic Performance 1993-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1993 -7.6 1190.32 2004 11.45 18.09
1994 -11.7 2220.9 2005 9.44 10.34
1995 -11.31 709.3 2006 10 6.99
1996 2.78 52.69 2007 8.65 8.43
1997 11.43 63.82 2008 10.25 14.83
1998 8.41 73.02 2009 0.16 12.95
1999 3.35 293.73 2010 7.74 7.74
2000 5.81 168.6 2011 5.34 53.23
2001 4.73 61.13 2012 4.3 60.19
2002 5.05 42.57 2013 3.37 30.56
2003 7.04 28.4

 

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Last Updated on : 30th July 2013