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Economy

The Republic of Belarus is an export-oriented state with a well-developed production sector, services sector and agriculture. Belarus is one of the global leading exporters of freight vehicles, tractors, road construction and municipal equipment. One in ten wheeled tractors in the world is produced in Belarus.

Belarus accounts for 17% of the world’s output of harvesters, 6% of wheeled tractors, about 6.4% of flax fibers and 1.6% of potatoes. The share of BelAZ rock haulers on the global market makes 30%. Belarusian dairy companies account for 1.4% of global milk production. The country accounts for 2.5% of the global export of dairy products and 4.6% of butter export.

Belarus is among CIS leaders in chemistry and petrochemistry, agricultural and automobile construction, agriculture, light industry, individual branches of the information and communication technologies industry. Belarus exports more IT services per capita than any other CIS state. Belarus has good prospects in the high-tech sector, namely in the production of optical and laser devices, automated management systems.

Belarus adheres to the socially-oriented model of the market economy which has proven to be consistent and efficient.

MAIN SOCIAL AND ECONOMIC INDICATORS

GDP,
Br billion
Foreign trade in goods, services
$ billion

Industrial output
Br billion

Agricultural output (companies of all kinds),
Br billion

MAJOR BRANCHES OF BELARUS ECONOMY

The major branches of the Belarus economy include the processing industry, agriculture, construction, trade, transport and communications.

The share of industries in the total industrial output (2015):

Production of foodstuffs, including beverages, and tobacco 26.9%
Production of coke, oil products and nuclear materials 18.6%
Chemical industry 12.9%
Production of machines and equipment 7.6%
Metallurgy and production of finished metal products 7.0%
Manufacture of non-metal mineral products 4.9%
Production of electric devices, electronic and optical equipment
4.1%
Textile and garment industry. Manufacture of leather products and footwear 4.0%
Production of rubber and plastic goods
3.6%
Production of transport vehicles and equipment 3.4%
Wood processing and manufacture of wooden products 2.4%
Other industries 4.6%

TOP 8 BELARUSIAN PRODUCTS

The top eight Belarusian products which account from 30% to 0.6% of the global market are:

freight vehicles, road and construction equipment
tractors and agricultural equipment
refrigerators and household equipment
fertilizers
flax fibers
chemical fibers and threads
meat products
dairy products

Manufacturing Sector

Mechanical engineering

Belarus’ mechanical engineering sector includes such branches as the manufacture of machines and equipment, electric devices, transport vehicles and equipment. The production of machines and equipment accounts for 50% of the total output of the sector.

Belarus specializes in manufacturing freight vehicles, buses, quarry equipment, and tractors. The biggest companies are OAO Minsk Automobile Plant (MAZ trademark) and OAO BelAZ trademark in Zhodino. Belarusian Autoworks accounts for a third of the global market of rock haulers and is one of the world’s leading producers of quarry equipment.

Belarus is a leading producer of agricultural equipment such as tractors, grain harvesters, all kinds of forage harvesters. OAO Minsk Tractor Works (MTZ trademark) is among the biggest manufacturers of wheeled tractors. Belarusian tractors account for 96% of the global market.

Chemical industry and manufacture of oil products

The Belarusian oil processing industry includes Novopolotsk-based Naftan Oil Refinery and Mozyr Oil Refinery. These are modern facilities manufacturing high-quality oil products which are exported to Central and Northwest Europe.

The biggest exporters of mineral fertilizers in Belarus are OAO Belaruskali and OAO GrodnoAzot.

OAO Belaruskali is one of the world’s biggest manufacturers of potash fertilizers. The Belarusian enterprise accounts for 16% of the global potassium market. About 90% of Belaruskali’s output is exported to Europe, East Asia, Mediterranean countries, South Africa, India, China, South and North Americas — a total of 97 countries across the globe.

OAO Belshina is one of Europe’s largest tire producers.

Metalworking industry

The Belarusian metalworking industry includes about 20 large and medium-sized manufacturers of steel pipes, metal cord, various kinds of wire, and more than 80 producers of finished metal elements for steel structures, various kinds of metal instruments, reservoirs, cisterns, containers, boilers, radiators, fixing hardware, etc.

OAO Belarusian Steel Works (BMZ trademark) in Zhlobin is Belarus’ biggest manufacturer of steel products.

Power engineering

The Belarusian fuel and energy complex includes companies engaged in production, transportation, and storage of all kinds of energy resources. About 85% of energy resources consumed by the national economy is imported. Electricity generation is the core of the Belarusian fuel and energy complex. It is one of the leading branches of the national economy where a traditionally high level of Belarus’ technical and engineering potential is concentrated. OAO Gazpromtransgaz Belarus distributes and transports gas across Belarus.

In the near future nuclear energy will play a leading role in the fuel and energy complex of Belarus. The decision to build a nuclear power plant with the capacity of up to 2,000MW in Belarus was made in 2008. The NPP will allow reducing the prime cost of produced energy by up to 20%.

Production of foodstuffs, including beverages and tobacco

The production of foodstuffs is a modern and vigorously developing industry in Belarus. Food-making enterprises account for more than one fourth of the processing industry’s output and ensure the food security of the country. Thanks to the comprehensive modernization and the application of modern production technologies, the enterprises of the sector make high quality products which are in demand in the country and abroad.

Major branches are the production of dairy products, meat and meat products (more than 50% of the total output of foodstuffs, including beverages and tobacco). Besides, Belarus is a strong producer of sugar and confectionery, canned fish, fruit and vegetables.

The biggest enterprises of the industry are OAO Savushkin Product, the Belarusian-German joint enterprise Santa Bremor, OAO Slutsk Cheese Factory, OAO Babushkina Krynka, OAO Bellakt, OAO Molochny Gostinets, OAO Spartak, OAO Kommunarka.

Agriculture

Agricultural production accounts for about 7% of the country’s GDP. About 9% of the people employed in the national economy work in the agricultural industry.

Belarusian companies almost fully satisfy the needs of the domestic food market. Food import accounts for less than 10% of the total consumption. In 2013, the production of milk per capita in Belarus was 2.3 times higher than that in the European Union and 6.5 times higher than that in the world. The production of meat per capita was 1.4 times and 2.9 times higher, the manufacture of grain is 1.3 times and 2 times higher respectively.

The country accounts for 2.6% of the global export of milk, 4.6% of butter export, and 2.9% of cheese export. Belarus is a top exporter of dairy products in the world along with Germany, New Zealand, the Netherlands, France, the USA, and Belgium.

The Republic of Belarus is ranked first in terms of per capita production of potatoes and is one of the major potato producers in the world.

About 25.7% of the world’s flax crops are grown in Belarus. Belarus is a top five country among the world’s 26 flax fiber manufacturers.

Transport and logistics

Belarus is a major transport artery in Eurasia. Every year over 100 million tonnes of European cargoes is transported via Belarus. About 90% of the cargoes is transported between Russia and the European Union. Transit of goods via Belarus is fast and secure. Transport services are rendered by railway, automobile, air, inland water, and pipeline transport operators.

International transport corridors

Belarus’ geographical location favors the deployment of logistics centers along the routes used to transport cargoes between Europe and Asia.

Foreign trade

The economic structure, geographic location and historical development of the Republic of Belarus have determined the openness of the country’s economy and its focus on foreign markets.

Belarus trades with 195 countries across the globe.

As of 2015, Russia accounted for 48.4% of Belarus’ trade turnover, Ukraine – for 6.1%, China – for 5.6%, the United Kingdom – for 5.5%, Germany – for 4.3%, Poland – for 3.3%, the Netherlands – for 2.4%, Lithuania – for 2.2%, Italy – for 1.3%, Latvia – for 1.2%.

Banking system

Belarus has a two-level banking system which is common worldwide. It consists of the National Bank of the Republic of Belarus, or the central bank, and commercial banks.

As of 1 August 2016, there were 28 banks in Belarus.

The Development Bank of the Republic of Belarus was established following the presidential decree of 21 June 2011. The bank has been tasked with developing the system to finance national programs and socially-important investment projects.

© 2017, The Press Service of the President of the Republic of Belarus