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Economy of Belarus vs Luxembourg compared: GDP & Debt

Updated on by Georank team

Belarus has a GDP of $76B compared to $93.3B for Luxembourg, ranking 83/197 and 74/197 by economy size, respectively.

Belarus has $30.3B in government debt (39.9% of GDP), compared to $24.5B (26.3% of GDP) in Luxembourg.

Belarus vs Luxembourg GDP by year

Belarus
Luxembourg
1x
Year GDP, current $
Belarus Luxembourg
2024 $75,961,865,472 $93,279,851,863
2023 $72,478,760,370 $88,788,881,539
2022 $73,775,179,925 $80,801,680,397
2021 $69,673,747,132 $86,386,759,695
2020 $61,371,673,345 $73,670,782,100
2019 $64,410,170,653 $69,872,035,114
2018 $60,031,026,576 $71,085,623,495
2017 $54,725,405,751 $65,712,180,343
2016 $47,723,545,321 $62,216,885,436
2015 $56,454,769,845 $60,071,584,216
2014 $78,813,069,121 $68,804,811,898
2013 $75,527,558,966 $65,203,276,467
2012 $65,685,890,439 $59,776,383,527
2011 $61,762,382,328 $61,696,281,326
2010 $57,231,904,543 $56,213,985,987
2009 $50,873,167,326 $54,467,289,898
2008 $60,752,106,347 $58,844,277,702
2007 $45,275,711,996 $51,587,401,416
2006 $36,961,894,281 $42,910,146,296
2005 $30,210,091,837 $37,672,280,120
2004 $23,141,566,293 $35,064,843,793
2003 $17,825,444,724 $29,667,268,248
2002 $14,594,900,945 $23,649,833,332
2001 $12,354,820,144 $21,387,533,703
2000 $12,736,856,828 $21,230,182,989
1999 $12,138,486,532 $21,899,317,599
1998 $15,222,012,660 $20,150,053,345
1997 $14,128,408,566 $19,563,836,265
1996 $14,500,437,520 $20,895,314,658
1995 $13,972,683,274 $20,853,093,870
1994 $14,931,435,232 $17,701,798,891
1993 $16,275,073,527 $15,925,521,222
1992 $16,939,790,094 $15,518,702,635
1991 $18,404,907,975 $13,834,219,728
1990 $17,389,558,233 $12,778,792,854
1989 - $10,037,674,038
1988 - $9,418,167,855
1987 - $8,320,902,215
1986 - $6,685,595,088
1985 - $4,577,211,767
1984 - $4,438,435,493
1983 - $4,524,217,751
1982 - $4,602,316,793
1981 - $5,053,665,797
1980 - $6,019,805,490
1979 - $5,516,982,664
1978 - $4,718,539,772
1977 - $3,789,321,328
1976 - $3,423,586,207
1975 - $3,123,333,333
1974 - $3,183,637,117
1973 - $2,609,875,802
1972 - $1,901,697,370
1971 - $1,518,773,421
1970 - $1,457,768,455
1969 - $1,245,432,991
1968 - $1,075,561,623
1967 - $983,052,315
1966 - $976,717,015
1965 - $929,477,285
1964 - $910,877,686
1963 - $797,902,154
1962 - $747,846,862
1961 - $710,163,719
1960 - $709,941,874

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/belarus/luxembourg | CC BY

GDP per capita in Belarus vs Luxembourg by year

Belarus
GDP per capita

GDP per capita, PPP
Luxembourg
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belarus Luxembourg
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $8,318 $33,010 $137,782 $155,941
2023 $7,897 $30,834 $133,231 $150,508
2022 $7,995 $28,429 $123,720 $146,919
2021 $7,490 $27,611 $134,966 $136,772
2020 $6,543 $24,872 $116,860 $122,067
2019 $6,838 $22,302 $112,697 $121,372
2018 $6,360 $20,026 $116,927 $116,638
2017 $5,786 $18,414 $110,193 $114,986
2016 $5,040 $17,832 $106,899 $113,365
2015 $5,967 $18,134 $105,462 $107,860
2014 $8,341 $19,038 $123,679 $105,296
2013 $7,998 $19,014 $120,000 $100,925
2012 $6,953 $18,115 $112,585 $96,636
2011 $6,528 $16,563 $119,025 $94,475
2010 $6,035 $15,339 $110,886 $90,336
2009 $5,352 $14,034 $109,420 $86,919
2008 $6,376 $13,886 $120,422 $90,971
2007 $4,735 $12,320 $107,475 $85,126
2006 $3,848 $10,995 $90,789 $78,861
2005 $3,126 $9,637 $80,988 $68,788
2004 $2,378 $8,483 $76,545 $64,686
2003 $1,820 $7,362 $65,689 $60,192
2002 $1,479 $6,697 $53,006 $58,576
2001 $1,244 $6,238 $48,440 $56,136
2000 $1,276 $5,796 $48,660 $55,136
1999 $1,211 $5,331 $50,872 $49,845
1998 $1,511 $5,061 $47,445 $44,270
1997 $1,396 $4,596 $46,642 $42,488
1996 $1,427 $4,039 $50,444 $39,722
1995 $1,371 $3,846 $51,032 $38,345
1994 $1,460 $4,190 $43,933 $37,551
1993 $1,590 $4,641 $40,067 $35,899
1992 $1,658 $4,917 $39,571 $34,108
1991 $1,805 $5,330 $35,747 $33,191
1990 $1,707 $5,220 $33,465 $29,949
1989 - - $26,618 -
1988 - - $25,219 -
1987 - - $22,443 -
1986 - - $18,150 -
1985 - - $12,482 -
1984 - - $12,127 -
1983 - - $12,374 -
1982 - - $12,591 -
1981 - - $13,837 -
1980 - - $16,531 -
1979 - - $15,204 -
1978 - - $13,034 -
1977 - - $10,486 -
1976 - - $9,491 -
1975 - - $8,701 -
1974 - - $8,967 -
1973 - - $7,447 -
1972 - - $5,487 -
1971 - - $4,435 -
1970 - - $4,298 -
1969 - - $3,690 -
1968 - - $3,203 -
1967 - - $2,935 -
1966 - - $2,925 -
1965 - - $2,804 -
1964 - - $2,779 -
1963 - - $2,462 -
1962 - - $2,332 -
1961 - - $2,241 -
1960 - - $2,261 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/belarus/luxembourg | CC BY

Belarus' GDP per capita is $8,318, ranking 92/197, compared to $137,782 in Luxembourg, ranking 3/197. Adjusted for purchasing power (GDP per capita PPP), Belarus ranks 68th at $33,010, while Luxembourg ranks 1st at $155,941.

Economic indicators

Belarus Luxembourg
Gross domestic product
$76B
2024
$93.3B
2024
GDP rank
83/197
2024
74/197
2024
GDP growth
4.01%
2023-2024
0.36%
2023-2024
GDP per capita
$8,318
2024
$137,782
2024
GDP per capita rank
92/197
2024
3/197
2024
GDP per capita, PPP
$33,010
2024
$155,941
2024
GDP per capita PPP rank
68/197
2024
1/197
2024
Government debt
$30.3B
2024
$24.5B
2024
Debt-to-GDP ratio
39.9%
2024
26.3%
2024
Government debt per person
$3,318
2024
$36,221
2024
Government debt per person rank
97/185
2024
19/185
2024
Average annual personal income after taxes
$7,345
2026
$69,593
2026
Market capitalization of domestic companies
$6.01B
2024
$41.9B
2024
Number of billionaires n/a
1
2025
Income share by richest 10%
20.7%
2020
25%
2023
Income share by poorest 10%
4.5%
2020
2.8%
2023
Government expenditure, % of GDP
40.9%
2024
46.9%
2024
Consumer prices inflation
5.7%
2023-2024
2.05%
2023-2024
Central bank interest rate
9.75%
2025
n/a
Unemployment rate
3.04%
2024
6.42%
2024
Population
9013835
693885

Spending and national debt comparison by year

Belarus
Spending

Debt
Luxembourg
Spending

Debt
1x
Year % of GDP
Belarus Luxembourg
Government spending Government debt Government spending Government debt
2024 40.9% 39.9% 46.9% 26.3%
2023 40.3% 40.7% 46.4% 24.7%
2022 38% 40.8% 44.3% 24.9%
2021 36.7% 41.2% 42.4% 24.2%
2020 38% 47.5% 47% 24.5%
2019 37.4% 41% 43.1% 22.3%
2018 37.8% 47.5% 42.3% 20.9%
2017 39% 53.2% 41.3% 21.8%
2016 40.7% 53.5% 40% 19.6%
2015 41.8% 53% 40.4% 21.1%
2014 38.8% 38.8% 40.6% 21.9%
2013 40.8% 36.9% 41.2% 22.4%
2012 38.9% 36.9% 41.8% 20.8%
2011 40.3% 58.2% 41.5% 18.5%
2010 44.3% 36.8% 42% 19.1%
2009 51.7% 32.5% 42.7% 15.3%
2008 60% 20.3% 37.9% 14.6%
2007 49.2% 15.8% 37.4% 8.09%
2006 47.2% 12.3% 39.4% 8.21%
2005 45% 8.12% 43.4% 7.95%
2004 44% 9.22% 43.7% 7.83%
2003 43.5% - 43.3% 7.43%
2002 43.8% - 41.8% 7.45%
2001 42.4% - 38.1% 7.62%
2000 - - 38% 7.49%
1999 - - 41.7% 8.39%
1998 - - 43.9% 9.51%
1997 - - 44.2% 10.1%
1996 - - 42.5% 10.2%
1995 - - 42% 10.3%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20).

GeoRank.org/economy/belarus/luxembourg | CC BY

In 2024, Belarus' government spending was $31.1B, accounting for 40.9% of its GDP, while Luxembourg spent $43.7B, or 46.9% of GDP.

Debt-to-GDP ratio is 39.9% in Belarus and 26.3% in Luxembourg, ranking 133/185 and 162/185, respectively.

Government deficit by year

Deficit/surplus
Belarus

Luxembourg
1x
Year Deficit/surplus, % of GDP
Belarus Luxembourg
2024 1.05% 1.03%
2023 0.76% -0.78%
2022 -1.98% 0.18%
2021 -0.22% 1%
2020 -2.87% -3.09%
2019 0.91% 2.68%
2018 1.8% 3.17%
2017 -0.34% 1.37%
2016 -1.66% 1.89%
2015 -2.96% 1.3%
2014 0.09% 1.33%
2013 -0.98% 0.84%
2012 0.36% 0.5%
2011 -2.81% 0.65%
2010 -4.19% -0.26%
2009 -7.23% -0.21%
2008 -10.9% 3.37%
2007 -7.82% 4.35%
2006 -7.71% 1.9%
2005 -6.71% -0.21%
2004 -7.06% -1.39%
2003 -6.74% 0.28%
2002 -7.81% 2.03%
2001 -4.74% 5.62%
2000 - 5.55%
1999 - 3.24%
1998 - 2.98%
1997 - 2.65%
1996 - 2.37%
1995 - 2.71%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20).

GeoRank.org/economy/belarus/luxembourg | CC BY

In 2024, Belarus' government surplus, the difference between spending and revenue, was $796M, equivalent to 1.05% of GDP. This compares to Luxembourg's surplus of $961M, or 1.03% of GDP.

Over the past 24 years, Belarus recorded a fiscal deficit in 18 of those years, while Luxembourg ran a deficit in 6 years. On average, Belarus posted an annual deficit equal to 3.32% of GDP, compared to surplus of 1.15% of GDP for Luxembourg.

Inflation comparison by year

Inflation
Belarus

Luxembourg
1x
Year Consumer prices inflation
Belarus Luxembourg
2024 5.7% 2.05%
2023 5% 3.74%
2022 15.2% 6.34%
2021 9.5% 2.53%
2020 5.5% 0.82%
2019 5.6% 1.74%
2018 4.9% 1.53%
2017 6% 1.73%
2016 11.8% 0.29%
2015 13.5% 0.47%
2014 18.1% 0.63%
2013 18.3% 1.73%
2012 59.2% 2.66%
2011 53.2% 3.41%
2010 7.7% 2.27%
2009 13% 0.37%
2008 14.8% 3.4%
2007 8.4% 2.31%
2006 7% 2.67%
2005 10.3% 2.49%
2004 18.1% 2.23%
2003 28.4% 2.05%
2002 42.6% 2.07%
2001 61.1% 2.66%
2000 168.6% 3.15%
1999 293.7% 1.03%
1998 73% 0.96%
1997 63.8% 1.37%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/belarus/luxembourg | CC BY

Over the past 28 years, Belarus has recorded an average annual inflation rate of 37.2%, compared with 2.1% in Luxembourg. In 2024, inflation was 5.7% in Belarus and 2.05% in Luxembourg.

Top exports between countries

Belarus
Export category Export value
IT & IP services $13.9M
Transport & tourism services $4.42M
Business & finance services $1.31M
Chemicals & pharma $707K
Wood & paper products $427K
Machinery & equipment $34K
Metals $19K
Processed food, beverages & tobacco $8K
Animal & marine products $5K
Manufacturing & construction services $2K
Luxembourg
Export category Export value
Processed food, beverages & tobacco $416K
Machinery & equipment $197K
Chemicals & pharma $134K
Textiles & consumer goods $58K
Precious metals & jewellery $8K
Raw materials & minerals $6K
Metals $2K

Balance of trade

Belarus Luxembourg
Current account balance
-$1.94B
2024
$4.1B
2024
Current account balance ranking
142/190
2024
35/190
2024
Current account balance, % of GDP
-2.56%
2024
+4.4%
2024
Goods imports
$44.2B
2024
$29.4B
2024
Goods exports
$39.5B
2024
$31.3B
2024
Service imports
$6.82B
2024
$117B
2024
Service exports
$10.1B
2024
$150B
2024
Imports of goods and services, % of GDP
66.9%
2024
159.7%
2024
Exports of goods and services, % of GDP
65.1%
2024
191.5%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Belarus Luxembourg
Economic freedom 49.1 79.7
Economic freedom ranking 166/197 7/197
Property rights 20 96.6
Government integrity 28.3 88.7
Judicial effectiveness 11.5 99.1
Tax burden 93.5 62.3
Government spending 52.6 36.9
Fiscal health 96.8 98.6
Business freedom 50.3 89.5
Labor freedom 48 56.7
Monetary freedom 69 74.1
Trade freedom 69.2 79.4
Investment freedom 30 95
Financial freedom 20 80

Economic freedom comparison by year

Belarus
Luxembourg
1x
Year Economic freedom index
Belarus Luxembourg
2026 49.1 79.7
2025 48.9 79.5
2024 48.4 79.2
2023 51 78.4
2022 53 80.6
2021 61 76
2020 61.7 75.8
2019 57.9 75.9
2018 58.1 76.4
2017 58.6 75.9
2016 48.8 73.9
2015 49.8 73.2
2014 50.1 74.2
2013 48 74.2
2012 49 74.5
2011 47.9 76.2
2010 48.7 75.4
2009 45 75.2
2008 45.3 74.7
2007 47 74.6
2006 47.5 75.3
2005 46.7 76.3
2004 43.1 78.9
2003 39.7 79.9
2002 39 79.4
2001 38 80.1
2000 41.3 76.4
1999 35.4 72.4
1998 38 72.7
1997 39.8 72.8
1996 38.7 72.5
1995 40.4 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/belarus/luxembourg | CC BY

The Economic Freedom Index for Belarus is 49.1, ranking 166/197, compared to 79.7 for Luxembourg, ranking 7/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belarus Luxembourg
Services, % of GDP
49.7%
2024
81.2%
2024
Industry, % of GDP
30.7%
2024
9.66%
2024
Agriculture, forestry, and fishing, % of GDP
6.87%
2024
0.21%
2024
GNI, Atlas method
$75.4B
2024
$57.3B
2024
GNI per capita, PPP
$32,300
2024
$110,650
2024
Total reserves including gold
$8.91B
2024
$2.79B
2024
Total reserves ranking
82/177
2024
119/177
2024
Net foreign direct investment
-$1.57B
2024
$21.4B
2024
Net inflows of foreign direct investment
$1.74B
2024
$106B
2024
Net outflows of foreign direct investment
$170M
2024
$109B
2024
Servicing debt to the IMF, % of GNI
7.19%
2024
n/a
Poverty at national poverty lines
3.9%
2022
17.3%
2021
Gross capital formation, % of GDP
25.8%
2024
15.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/belarus/luxembourg | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2018–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.