inspections, retroactive application of new business regulations, and arrests of "disruptive" businessmen and factory owners. Continued state control over economic operations hampers market entry for businesses, both domestic and foreign. Government statistics indicate GDP growth was strong, surpassing 10% in 2008, despite the roadblocks of a tough, centrally directed economy with a high rate of inflation and a low rate of unemployment. However, the global crisis pushed the country into recession in 2009, and GDP grew only 0.2% for the year. Slumping foreign demand hit the industrial sector hard. Minsk has depended on a standby-agreement with the IMF to assist with balance of payments shortfalls. In line with IMF conditions, in 2009, Belarus devalued the ruble more than 40% and tightened some fiscal and monetary policies. On 1 January 2010, Russia, Kazakhstan and Belarus launched a customs union, with unified trade regulations and customs codes still under negotiation. In late January, Russia and Belarus amended their 2007 oil supply agreement. The new terms raised prices for above quota purchases, increasing Belarus' current account deficit. GDP grew 4.8% in 2010, in part, on the strength of renewed export growth. In December 2010, Belarus, Russia and Kazakhstan signed an agreement to form a Common Economic Space and Russia removed all Belarusian oil duties.
GDP (purchasing power parity):
$128.4 billion (2010 est.) country comparison to the world: 60 $122.5 billion (2009 est.)
$122.3 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$52.89 billion (2010 est.)
GDP - real growth rate:
4.8% (2010 est.) country comparison to the world: 62 0.2% (2009 est.)
10.2% (2008 est.)
GDP - per capita (PPP):
$13,400 (2010 est.) country comparison to the world: 87 $12,700 (2009 est.)
$12,600 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 9%
industry: 42.9%
services: 48.1% (2010 est.)
Labor force:
5 million (2009) country comparison to the world: 75
Labor force - by occupation:
agriculture: 14%
industry: 34.7%
services: 51.3% (2003 est.)
Unemployment rate:
1% (2009 est.) country comparison to the world: 5 1.6% (2005)
note: official registered unemployed; large number of underemployed workers
Population below poverty line:
27.1% (2003 est.)
Household income or consumption by percentage share:
lowest 10%: 3.6%
highest 10%: 22% (2005)
Distribution of family income - Gini index:
27.9 (2005) country comparison to the world: 124 21.7 (1998)
Investment (gross fixed):
36% of GDP (2010 est.) country comparison to the world: 7
Inflation rate (consumer prices):
7% (2010 est.) country comparison to the world: 177 12.9% (2009 est.)
Central bank discount rate:
13.5% (31 December 2009) country comparison to the world: 30 12% (31 December 2008)
Commercial bank prime lending rate:
11.68% (31 December 2009 est.) country comparison to the world: 111 8.55% (31 December 2008 est.)
Stock of narrow money:
$4.747 billion (31 December 2010 est) country comparison to the world: 92 $4.381 billion (31 December 2009 est)
Stock of broad money:
$13.62 billion (31 December 2009) country comparison to the world: 92 $14.07 billion (31 December 2008)
Stock of domestic credit:
$19.99 billion (31 December 2010 est.) country comparison to the world: 78 $17.15 billion (31 December 2009 est.)
Market value of publicly traded shares:
$NA
Agriculture - products:
grain, potatoes, vegetables, sugar beets, flax; beef, milk
Industries:
metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, televisions, synthetic fibers, fertilizer, textiles, radios, refrigerators
Industrial production growth rate:
10.5% (2010 est.) country comparison to the world: 13
Electricity - production:
29.92 billion kWh (2007 est.) country comparison to the world: 63
Electricity - consumption:
30.54 billion kWh (2007 est.) country comparison to the world: 58
Electricity - exports:
5.062 billion kWh (2007 est.)
Electricity - imports:
9.406 billion kWh (2007 est.)
Oil - production:
31,400 bbl/day (2009 est.) country comparison to the world: 70
Oil - consumption:
173,000 bbl/day (2009 est.) country comparison to the world: 59
Oil - exports:
303,900 bbl/day (2007 est.) country comparison to the world: 40
Oil - imports:
444,800 bbl/day (2007 est.) country comparison to the world: 28
Oil - proved reserves:
198 million bbl (1 January 2010 est.) country comparison to the world: 59
Natural gas - production:
152
