Because Lukashenko controls all governmental power, there are no checks and balances or legal provisions for regulating business matters. However, as of , Belarus had six free economic zones, which have attracted foreign investment, especially from Poland, Russia, and Germany, with the United States as the sixth-largest investor.
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Economic expansion has been strong over the past years, with a boost of the GDP growth rate from 7. This expansion was fueled by strong domestic demand, as a result of an increase in real wages, and due to a better and more stable macroeconomic situation. Inflation has been fairly high, but decreasing — in it was Despite having an economy that seems to be doing well on paper, most international analysts agree that as long as Lukashenko will continue to favor the obsolete industrial base, and as long as he will continue to pump subsidies into the agricultural sector the peasants and the blue collar workers are his main constituency , Belarus will not achieve healthy and sustainable economic growth.
The CIA defines GDP as the value of all final goods and services produced within a nation in a given year and computed on the basis of purchasing power parity PPP rather than value as measured on the basis of the rate of exchange based on current dollars. The annual growth rate of GDP was estimated at 7.
The average inflation rate in was It was estimated that agriculture accounted for 9. Household consumption includes expenditures of individuals, households, and nongovernmental organizations on goods and services, excluding purchases of dwellings. It was estimated that for the period to household consumption grew at an average annual rate of 3.
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It was estimated that in about The labor force as of end numbered 4. Although the constitution provides for the right of workers to form and join independent unions, these rights are not respected in practice. Union activity is discouraged, and almost impossible to conduct in most of the state-owned larger industries. Strikes are legally permitted but tight control by the regime over public demonstrations makes it difficult to strike or hold public rallies.
The government has harassed and arrested union leaders, and broken up union-sponsored activities.
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In addition, workers who are fired for union or political activity are not required to be rehired by their employers. Forced or compulsory labor by adults or children is prohibited.
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The statutory minimum employment age is 16, although a child of 14 can be employed if the parent or legal guardian gives written consent. In addition, minors under the age of 18 cannot work at hazardous jobs, or those which will adversely affect his or her education. Also they cannot work overtime on government holidays, or on the weekend. The workweek was set at 40 hours, with a hour rest period per week. Safety and health standards in the workplace are often ignored. Belarus had about 5,, hectares 14,, acres of arable land Production levels in 1, tons for include: potatoes, 9,; sugar beets, 3,; barley, 2,; rye, 1,; wheat, 1,; and oats, In , 64, and 13, tractors and combines, respectively, were in service.
In , there were some 3,, cattle, 3,, pigs, 63, sheep, and 24,, chickens. Belarus produces more dairy products than any other former Soviet republic except Russia, with 5. That year, egg production amounted to , tons; honey, 3, tons. Radioactive contamination of some forestland from the Chernobyl disaster has severely restricted output.
In , Belarus produced 7.
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Potash was the one significant mineral resource possessed by Belarus, which ranked second in world output in After the breakup of the Soviet Union, production fell to 1. A program was then undertaken to raise the quality of potash to world standards to increase exports. Total production in was 3. Potash was mined in the Salihorsk region, by the Belaruskaliy production association.
Accumulated waste from the industry has raised environmental concerns. Two plants produced 2. Domestic electricity is produced by four thermal plants. Belarus also imports electricity generated by nuclear and hydroelectric plants. In , a total of 30 billion kWh was generated, of which In the same year, consumption of electricity totaled Total capacity in was 7. Only a small portion of Belarus's energy requirement is met by local production.
Belarus has been producing oil since and had 37 operational fields in As of Belarus had oil reserves estimated at million barrels, but there was a lack of foreign investment to fund exploration. In , around 36, barrels of oil were produced per day, along with a nominal amount of peat and natural gas. Peat is found throughout the country and is processed by 37 fuel briquetting plants.
Natural gas production in totaled 6. There are two major oil refineries: Mazyr and Navapolatsk. Belarus is an important transit route for Russian oil and natural gas exports to Eastern Europe , via pipelines that can carry up to 1,, barrels per day of oil and Roughly half of Russia's net oil exports travel through Belarus, and a trade agreement between the two countries exempts Russia from paying export duties on this oil.
In March , Poland and Russia entered into an agreement to build a 2,mile natural gas pipeline from Russia's northern Yamal Peninsula, through Belarus and Poland, to Germany. When completed by , the planned capacity of the new pipeline will be more than To maintain stable supplies of oil and natural gas, Belarus has entered into a joint project with Russia, sponsored by the European Bank for Reconstruction and Development EBRD , to develop 60 million tons of oil from idle wells in Russia's Tymen region in exchange for guaranteed Russian oil supplies. Belarus's industrial base is relatively well-developed and diversified compared to other newly independent states.
Industry accounted for Belarus's main industries are engineering, machine tools, agricultural equipment, fertilizer, chemicals, defense-related products, prefabricated construction materials, motor vehicles, motorcycles, textiles, threads, and some consumer products, such as refrigerators, watches, televisions, and radios. The types of motor vehicles produced are off-highway dump trucks with up to metric-ton load capacity, tractors, earth movers for construction and mining, and metric-ton trucks for use in roadless and tundra areas.
While there had been an increase in industrial production as of , a high volume of unsold industrial goods remain stocked in warehouses, due to high overhead costs that make Belarussian products uncompetitive on the world market. By , the participation of industry in the overall economic output had decreased to The Academy of Sciences of Belarus, founded in and head-quartered in Minsk, has departments of physics, mathematics, and informatics; physical and engineering problems of machine building and energetics; chemical and geological sciences, biological sciences, and medical-biological sciences; it also operates numerous research institutes.
The Belarussian State University, founded in at Minsk, has faculties of applied mathematics, biology, chemistry, geography, mechanics and mathematics, physics, and radiophysics and electronics. The Belarussian State Technological University, founded in at Minsk, has faculties of chemistry technology and engineering, forestry, and organic substances technology. The same year a parallel national currency called the ruble was introduced and declared the only legal tender for purchasing goods such as food, alcohol, and tobacco. Though the government had initiated some capitalist reforms from to , President Alexander Lukashenko elected has significantly slowed efforts toward privatization through a program of "market socialism.
Independent banks had also been renationalized. Belarus has remained exceedingly dependant on Russia for economic support; a proposed EU-style partnership between the two nations threatens its economic independence. In , Belarus exported machinery and transport equipment, chemicals, petroleum products, and manufactured goods. Imports included fuel, natural gas, industrial raw materials, textiles, and sugar. Belarus's major trading partners are Russia, Ukraine, Poland, and Germany.
Other important trading partners included the United Kingdom , Germany, the Netherlands , and Poland.
The National Bank of Belarus is the central bank of Belarus, charged with regulating the money supply, circulating currency, and regulating the commercial banks of the country. The currency unit is the ruble. There are no current figures on the level of foreign currency reserves, but it is widely assumed that these have dwindled to perilously low levels because of the need for the National Bank of Belarus to maintain the local currency at its over-valued exchange rate on the Minsk Interbank Currency Exchange MICE.
Because it was formerly a part of the Soviet Union, Belarus has a well-established industrial base, but the transition from a centrally planned economy to a free market economy has not been easy.
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Privatization, although in progress, has been happening slowly, and foreign investment is discouraged by the "hostile" business climate. The International Monetary Fund IMF reported that in , the most recent year for which it had data, central government revenues were br6, Government outlays by function were as follows: general public services, Belarus imposes a wide array of taxes on business and citizens.
Companies with profits of over 5, times. There are also taxes on the use of natural resources, including the Chernobyl nuclear plant. There is a There are also direct taxes on property and land. A customs union with Russia allows goods to flow between the two countries duty-free. The World Bank was financing construction and telecommunication projects, but these were discontinued in by President Lukashenko.
At the end of the decade, President Lukashenko's steadfast refusal to implement market reforms continued to keep foreign investment levels low. Several state-owned enterprises SOEs , including oil refineries and chemical plants, were to be transformed into joint stock companies in preparation of selling All but a small proportion of foreign investment has come from Russia. However, McDonald's and Coca Cola have both had problems with the government and the Ford plant is closed.
Investments have regained strength in , but they were still relatively low to the GDP. What is worse, though, is the fact that only a small percentage of investments come from outside the country — due to a relatively inauspicious business climate and continued state control of major national companies.
For the most part, investments are fueled by a high domestic demand such as financing of new housing , and only a small part went to productive assets.