Oil deposits on the territory of Belarus are located in a single oil and gas basin, the Pripyat depression, which covers approximately 30,000 km2 (12,000 sq mi). The period between 1996 and 2000 was also characterized by significant financial distress, in particular in 1998 and 1999 as a result of the financial and economic crisis in Russia. [23], In September 2011 National Bank of Belarus introduced a free exchange market session to determine a market value of the ruble. In 2007, before the crisis, Belarus’ sovereign credit rating achieved a high of “B+”, according to Standard & Poor, and a “B1” rating according to Moody’s. It did not go down well. Belarus' economy is already set to contract by 2% this year due to the temporary oil blockade and the coronavirus pandemic, according to the World Bank. Today, all six stand as commercial banking operations, though they still act in accordance with the wishes of the government. This growth was mainly a result of the performance of the industrial sector, which grew on average more than 8.7 percent per year, with a high of 10.4 percent in 2005. The electricity sector of Belarus is a dynamically expanding, highly automated system consisting of regional power systems united in the power system of the country. How can a foreigner buy property in Belarus? This page was last modified on 16 May 2016, at 19:29. Commercial banks act as agents of the central bank distributing state financial resources. Economy - overview: As part of the former Soviet Union, Belarus had a relatively well-developed industrial base, but it is now outdated, inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets. [20], The crisis strongly affected the economy. The decline in overall agriculture production partly could be attributed to unfavorable weather conditions (like floods), but declines in the harvests of potatoes, vegetables, and other crops that grow mostly in private plots were smaller than in produce grown by collective farms. At the beginning of 1995, every industrial sector had decreased output, including fuel and energy extracting (down by 27 percent); chemical and oil refining (18 percent); ferrous metallurgy (13 percent); machine building and metal working (17 percent); truck production (31 percent); tractor production (48 percent); light industry (33 percent); wood, paper, and pulp production (14 percent); construction materials (32 percent); and consumer goods (16 percent). However, monetary expansion and devaluation of the official exchange rates had to lead to increase in official index of inflation above the planned level. Further declines in its currency have followed. Yerzhan Tokbolat does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. It covers some 75,000 square meters and hosts 100 shops, including grocery stores, clothing retailers, electrical goods outlets, various eateries, banks, and a cinema. This newer shopping experience offered such conveniences as a food court and free public bathrooms that were much cleaner than those that charged a fee at the train station. Still, even today, the sector employs nearly 10 percent of the total population, producing 7.5 percent of the country’s gross domestic product. Russian people are greater part of the inbound tourist flow, but there is no proper number of their arrivals as the border between Russia and Belarus is crossed without any control as a part of the Union State policy. Almost all of the natural gas used in Belarus is imported from Russia (about 99% of consumption). Because of Belarus’ diminished size, domestic air travel remains under-developed (only Brest, Homiel, and Hrodna have regularly scheduled air service), but the national air carrier Belavia does operate routes to 52 cities in Europe and Central Asia. Belarus contains large, but undeveloped reserves of oil shale, estimated at 8.8 billion tonnes. Slowly, the agricultural sector modernizes its equipment and best practices, and the Belarusian government hopes that by 2017 many of the subsidies that today come from the national budget will no longer be needed. Potatoes, flax, hemp, sugarbeets, rye, oats, and wheat are the chief agricultural products. As with most post-Soviet countries, though, railroad remains the leading freight and among the most popular passenger transportation options. After supplementing local cement production and building new transportation infrastructure, ground broke on the project in 2011. The situation was influenced by rumors of possible devaluation of the ruble.
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