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2024
The share of ICT in the GDP of Belarus for the year increased from 4.5% to 4.9%
At the end of 2024, the share of information and communication technologies in the GDP of Belarus reached 4.9%. For comparison, a year earlier this figure was 4.5%. This is stated in the materials with which TAdviser got acquainted in early March 2025. Read more here.
GDP growth by 4% to 246 billion Belarusian rubles
In 2024 GDP Belarus , it reached 246.6 billion Belarusian (rubles $75.25 billion at the exchange rate as of January 20, 2025). This is 4% more compared to 2023. Such data were published on January 17, 2025 by the National Statistical Committee of the Republic (Belstat).
It is noted that the GDP deflator index (a more accurate indicator of the price level compared to inflation, since it takes into account not only consumer goods, but also investment, government purchases and exports) in 2024 compared to the previous year amounted to 108.8%. Prime Minister of Belarus Roman Golovchenko noted that investments in the country's economy in 2024 increased by 8%. Outstripping growth after a certain decline in the early 2020s has been maintained for the second year in a row.
 | The key indicator of economic development in the country is gross domestic product. The task for it was 3.8%, but in fact we worked in 2024 with an increase of 4%. Also tense was the task of inflation - not to go beyond the level of 6%, - emphasizes Golovchenko. |  |
The Prime Minister of Belarus says that in 2024 it was possible to ensure a significant increase in the income of the population. This has an additional impact on the situation with. inflation However, with a target of 6%, the actual inflation was kept at 5.2%. Golovchenko added that in 2024, stocks of finished products decreased significantly and payment discipline improved. In addition, the foreign exchange market was balanced. The real disposable income of the country's population increased on an annualized basis by 9.5%.
In 2023, the growth of the economy of Belarus amounted to 3.9% with a target value of 3.8% after falling by 4.7% in 2022. Experts from the Eurasian Development Bank noted that in 2024 the economy of Belarus grew faster than in the previous 10 years. The draft forecast of the socio-economic development of the republic for 2025 provides for GDP growth by 4.1% while reducing inflation to no more than 5%.[1]
2023: Growth by 3.9% to 216.1 billion Belarusian rubles
In 2023 GDP Belarus , it reached approximately 216.1 billion Belarusian (rubles about $66 billion at the exchange rate as of July 15, 2024). This is 3.9% more than in the previous year. Such indicators in mid-January 2024 are cited by the National Statistical Committee.
It is noted that the GDP deflator index in 2023 compared to the previous year amounted to 107.3%. According to estimates, during 2010-2023, the GDP of Belarus increased in comparable prices by 20.1% with an increase in labor productivity for the specified period by 35.2%. GDP per capita at purchasing power parity grew from $15.4 thousand in 2010 to $24.4 thousand in 2023.
The priority goals of the country's development are to ensure stability in society and increase the well-being of citizens by modernizing the economy, increasing social capital, creating comfortable conditions for human life, work and self-realization. First Deputy Minister of Economy of Belarus Andrei Kartun notes that stable positive dynamics remain in the country's economy. At the end of 2023, final consumption costs amounted to 157.3 billion Belarusian rubles (approximately $48.07 billion).
Trade turnover in 2023 increased by 8.6% and amounted to about $83.4 billion. At the same time, exports reached their maximum values since 2012. This is said to indicate the effectiveness of the measures taken to reorient commodity flows to the markets of friendly states. In 2023, sales grew both in the CIS countries and in other countries. There is a high demand for products from foreign consumers: Belarusian goods are present in the markets of more than 150 states. The increase in the supply of raw materials and materials made it possible to increase the volume of industrial production by 7.7%.[2]
2022: Decline in GDP by 4.7% to 191 billion Belarusian rubles
By the end of 2022, the gross domestic product (GDP) of Belarus decreased by 4.7% compared to 2021. This figure was announced in January 2023 by the National Statistical Committee (Belstat).
According to the department's calculations, the volume of GDP at current prices amounted to 191.4 billion Belarusian rubles, or 95.3% in comparable prices to the level of 2021. The GDP deflator index amounted to 113.6% compared to 2021.
According to TASS, according to the forecast of the socio-economic development of Belarus for 2022, the country's GDP was supposed to grow by 2.9% to the level of 2021. In December 2022, experts from the Eurasian Development Bank predicted a 4.6% decline in Belarus's GDP by the end of 2022.
The fall of the Belarusian economy in 2022 was largely due to the subsidence of industrial production, trade, transport against the background of Western sanctions. The Ministry of Economy of the republic says that macroeconomic conditions have formed in the country so that in 2023 the GDP growth will be 3.8%. Experts believe that the situation in Belarus will largely depend on the Russian economy.
The volume of industrial production at current prices reached 169.6 billion rubles, which is 5.4% less in comparable prices than a year earlier.
An increase of 2.5% was recorded only in the mining sector. The manufacturing industry sank by 6.2%, the direction "Supply of electricity, gas, steam, hot water and conditioned air" - by 2.3%, "Water supply; collection, treatment and disposal of waste, activities to eliminate pollution "- by 2.6%.
Agricultural production in 2022 increased by 3.6% to 31.8 billion rubles. Housing construction decreased by 3.7% to 4.22 million square meters. m. At the same time, the construction of apartments with state support increased by 4.1% to 1.39 million square meters. m.
At the end of November 2022, President of Belarus Alexander Lukashenko approved the parameters for the forecast of the country's socio-economic development for 2023, which provide for the country's GDP growth by 3.8%.[3]
2021
GDP growth by 2.3% to 173 billion Belarusian rubles and lag behind Kazakhstan in GDP growth after the collapse of the USSR
The National Statistical Committee of Belarus (Belstat) estimated the country's GDP growth at 2.3% at the end of 2021. The agency published the relevant data in mid-January 2022.
The real indicator turned out to be slightly higher than predicted by the government - a 1.8% rise was expected there. The volume of GDP in current prices at the end of 2021 amounted to 173.2 billion Belarusian rubles. The GDP deflator index reached 113.1%, Belstat said.
They also cited data according to which the volume of industrial production in Belarus increased by 6.5% in 2021 and amounted to 154.4 billion Belarusian rubles.
Including by type of economic activity, the growth index was:
- mining - 102.8%;
- manufacturing - 105.9%;
- supply of electricity, gas, steam, hot water and conditioned air - 112.6%;
- water supply; collection, treatment and disposal of waste, activities to eliminate pollution "- 102.7%.
Agricultural production in 2021 in the country decreased by 4.2% to 25 billion Belarusian rubles in all categories of farms, and in agricultural organizations - by 3.2% to 21.08 billion rubles. The largest share in the total volume of agricultural production is occupied by Minsk (26.1%) and Brest (20.5%) regions, followed by Grodno (16.6%), Gomel (13.2%), Vitebsk (11.9%) and Mogilevskaya (11.6%) regions.
Talking about the situation in the Belarusian economy, Belstat also reported that investments in fixed assets in 2021 decreased by 5.6% compared to 2020 - to 30.13 billion Belarusian rubles.
In 2021, 4.387 million square meters were build. m of housing with a total area of 5.7% more than a year earlier. The construction of housing with state support increased by 2.2% to 1.335 million square meters. m.
Cargo transportation in 2021 decreased by 3.5% to 384.9 million tons, and passenger traffic - by 3.5% to 1.547 billion people.[4]
Agriculture's share of GDP - 6.8%
2020: Decrease by 0.9% to 147 billion Belarusian rubles amid COVID-19 pandemic
According to the National Statistical Committee of Belarus (Belstat), the country's GDP at the end of 2020 amounted to 147 billion Belarusian rubles, having decreased by 0.9% compared to 2019. The GDP deflator index in 2020 compared to the previous year amounted to 110.1%. The main reason for the decline in GDP, as in many other countries, was the COVID-19 coronavirus pandemic.
Data from the World Bank and Belstat show that since 1990, the real GDP of Belarus has doubled by 2020, industrial production has tripled, and agricultural production by 37%. For comparison: in Russia, real GDP has grown by only 20% over 30 years.
Meanwhile, as the Belarusian economist and ex-presidential aide on economic issues Kirill Rudy told Vedomosti, the growth of the country's economy has slowed down over the past decade. Previously, development was due to active investments in production and stimulation of consumption. But over the years, investments began to give less returns and outstripped labor productivity.
Retail trade in Belarus at the end of 2020 amounted to 53.1 billion Belarusian rubles, or 101.8% in comparable prices to the level of 2019. On average, one Belarusian left 15.4 rubles a day in retail trade last year, which is exactly one ruble more than it was in 2019.
The volume of industrial production at current prices in 2020 reached 116.5 billion rubles, which is 0.7% less than in 2019. At the same time, production volumes in 2020 exceeded the level of 2019 in such areas as the production of wood and paper products; printing activity - by 14.7%, basic pharmaceutical products and preparations - by 10.1%, vehicles and equipment - by 5%, food, drinks and tobacco products - by 2.7%.[5][6]
2019: 1.2% rise
In 2019, despite the government forecast for economic growth by 4%, Belarus' GDP grew by only 1.2%. The largest part of this growth was given by the ICT sector (information and communication technologies), it was he who provided 45% of all GDP growth. For comparison: Belarusian industry last year contributed 19% to GDP growth, agriculture - 17%, and construction - 14%. The contribution of wholesale trade and transport was completely negative.
2018: Up 3%
2016: PPP GDP $18,000 per person
See also
Notes
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