Republic of Belarus

Economic Overview

Belarus is the 60th largest export economy in the world.

After an initial burst of capitalist reform from 1991-94, including privatisation of state enterprises, creation of institutions of private property, and development of entrepreneurship, Belarus’ economic development began to slow.

About 80% of all industry remains in safe hands. State banks account for 75% of the banking sector. Economic output, which had declined for several years following the collapse of the Soviet Union, revived in the mid-2000s thanks to the boom in oil prices.

Belarus has only small reserves of crude oil, though it imports more of its crude oil and natural gas from Russia at prices substantially below the world market.

Composition of GDP (2013)

• Services: 44.7%
• Industry: 46.2%
• Agriculture: 9.2%

Ports and terminals – N/a

Exports

Machinery and equipment, mineral products, chemicals, metals, textiles, foodstuffs.

Imports

Mineral products, machinery and equipment, chemicals, foodstuffs, metals.

Principal trading partners – exports

• Russia: 35.4%
• Netherlands: 16.4%
• Ukraine: 12.1%
• Latvia: 7.1%

Principal trading partners – imports

• Russia: 59.4%
• Germany: 5.9%
• China: 5.1%
• Ukraine: 5%

Exchange controls

Exchange controls are administered by the National Bank of the Republic of Belarus (NBRB), the State Control Committee and the State Customs Committee.

Export proceeds have to be repatriated within 90 days. A 30% surrender requirement applies to export proceeds. Residents require a permit in order to purchase securities abroad and must notify the NBRB when issuing securities abroad.

All financial loans from residents to non-residents and most financial loans from non-residents to residents require an NBRB permit.

All outward investment requires an NBRB permit.