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Economy of Belarus vs Romania compared: GDP & Debt

Updated on by Georank team

Belarus has a GDP of $76B compared to $383B for Romania, ranking 83/197 and 42/197 by economy size, respectively.

Belarus has $30.3B in government debt (39.9% of GDP), compared to $220B (57.4% of GDP) in Romania.

Belarus vs Romania GDP by year

Belarus
Romania
1x
Year GDP, current $
Belarus Romania
2024 $75,961,865,472 $382,564,217,989
2023 $72,478,760,370 $347,757,995,759
2022 $73,775,179,925 $295,319,437,557
2021 $69,673,747,132 $285,071,280,114
2020 $61,371,673,345 $250,625,048,304
2019 $64,410,170,653 $250,080,428,512
2018 $60,031,026,576 $241,791,427,224
2017 $54,725,405,751 $210,147,385,855
2016 $47,723,545,321 $185,290,759,249
2015 $56,454,769,845 $177,885,131,240
2014 $78,813,069,121 $199,722,319,676
2013 $75,527,558,966 $189,798,603,751
2012 $65,685,890,439 $179,117,323,107
2011 $61,762,382,328 $192,623,977,894
2010 $57,231,904,543 $170,064,350,672
2009 $50,873,167,326 $174,110,532,659
2008 $60,752,106,347 $214,315,932,061
2007 $45,275,711,996 $174,588,782,939
2006 $36,961,894,281 $122,023,735,993
2005 $30,210,091,837 $98,454,380,120
2004 $23,141,566,293 $74,973,656,852
2003 $17,825,444,724 $57,806,384,143
2002 $14,594,900,945 $46,065,502,703
2001 $12,354,820,144 $40,395,116,581
2000 $12,736,856,828 $37,253,739,511
1999 $12,138,486,532 $35,953,156,754
1998 $15,222,012,660 $41,696,091,974
1997 $14,128,408,566 $35,575,214,078
1996 $14,500,437,520 $36,937,074,278
1995 $13,972,683,274 $37,430,162,103
1994 $14,931,435,232 $30,072,805,104
1993 $16,275,073,527 $26,361,160,450
1992 $16,939,790,094 $25,121,666,667
1991 $18,404,907,975 $28,850,634,900
1990 $17,389,558,233 $38,247,882,300
1989 - $41,450,777,202
1988 - $40,424,528,302
1987 - $38,067,567,568

Data sources: World Bank | Economy & Growth (1987–2024, retrieved 2026-04-06).

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

GDP per capita in Belarus vs Romania by year

Belarus
GDP per capita

GDP per capita, PPP
Romania
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belarus Romania
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $8,318 $33,010 $20,080 $49,077
2023 $7,897 $30,834 $18,244 $45,982
2022 $7,995 $28,429 $15,504 $41,979
2021 $7,490 $27,611 $14,908 $37,534
2020 $6,543 $24,872 $13,009 $34,194
2019 $6,838 $22,302 $12,910 $33,425
2018 $6,360 $20,026 $12,416 $29,383
2017 $5,786 $18,414 $10,728 $26,943
2016 $5,040 $17,832 $9,405 $23,905
2015 $5,967 $18,134 $8,977 $21,625
2014 $8,341 $19,038 $10,032 $20,633
2013 $7,998 $19,014 $9,498 $19,678
2012 $6,953 $18,115 $8,930 $19,808
2011 $6,528 $16,563 $9,561 $18,804
2010 $6,035 $15,339 $8,400 $17,355
2009 $5,352 $14,034 $8,548 $16,641
2008 $6,376 $13,886 $10,435 $16,782
2007 $4,735 $12,320 $8,360 $13,703
2006 $3,848 $10,995 $5,758 $11,554
2005 $3,126 $9,637 $4,618 $9,602
2004 $2,378 $8,483 $3,495 $8,989
2003 $1,820 $7,362 $2,679 $7,559
2002 $1,479 $6,697 $2,120 $7,162
2001 $1,244 $6,238 $1,825 $6,520
2000 $1,276 $5,796 $1,660 $5,850
1999 $1,211 $5,331 $1,600 $5,596
1998 $1,511 $5,061 $1,853 $5,545
1997 $1,396 $4,596 $1,577 $5,564
1996 $1,427 $4,039 $1,633 $5,746
1995 $1,371 $3,846 $1,650 $5,429
1994 $1,460 $4,190 $1,323 $4,995
1993 $1,590 $4,641 $1,158 $4,699
1992 $1,658 $4,917 $1,102 $4,515
1991 $1,805 $5,330 $1,254 $4,795
1990 $1,707 $5,220 $1,648 $5,280
1989 - - $1,790 -
1988 - - $1,753 -
1987 - - $1,659 -

Data sources: World Bank | Economy & Growth (1987–2024, retrieved 2026-04-06).

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

Belarus' GDP per capita is $8,318, ranking 92/197, compared to $20,080 in Romania, ranking 58/197. Adjusted for purchasing power (GDP per capita PPP), Belarus ranks 68th at $33,010, while Romania ranks 47th at $49,077.

Economic indicators

Belarus Romania
Gross domestic product
$76B
2024
$383B
2024
GDP rank
83/197
2024
42/197
2024
GDP growth
4.01%
2023-2024
0.92%
2023-2024
GDP per capita
$8,318
2024
$20,080
2024
GDP per capita rank
92/197
2024
58/197
2024
GDP per capita, PPP
$33,010
2024
$49,077
2024
GDP per capita PPP rank
68/197
2024
47/197
2024
Government debt
$30.3B
2024
$220B
2024
Debt-to-GDP ratio
39.9%
2024
57.4%
2024
Government debt per person
$3,318
2024
$11,533
2024
Government debt per person rank
97/185
2024
48/185
2024
Average annual personal income after taxes
$7,345
2026
$13,912
2026
Market capitalization of domestic companies
$6.01B
2024
$47.4B
2024
Number of billionaires n/a
6
2025
Income share by richest 10%
20.7%
2020
21.8%
2023
Income share by poorest 10%
4.5%
2020
2.4%
2023
Government expenditure, % of GDP
40.9%
2024
39.9%
2024
Consumer prices inflation
5.7%
2023-2024
5.6%
2023-2024
Central bank interest rate
9.75%
2025
6.5%
2024
Unemployment rate
3.04%
2024
5.43%
2024
Population
9013835
18839108

Spending and national debt comparison by year

Belarus
Spending

Debt
Romania
Spending

Debt
1x
Year % of GDP
Belarus Romania
Government spending Government debt Government spending Government debt
2024 40.9% 39.9% 39.9% 57.4%
2023 40.3% 40.7% 36.6% 52.1%
2022 38% 40.8% 37.4% 51.7%
2021 36.7% 41.2% 37% 51.5%
2020 38% 47.5% 38.1% 49.3%
2019 37.4% 41% 33.2% 36.5%
2018 37.8% 47.5% 31.7% 36.2%
2017 39% 53.2% 31% 37.1%
2016 40.7% 53.5% 31.8% 39.5%
2015 41.8% 53% 34.2% 39.4%
2014 38.8% 38.8% 33.8% 40.5%
2013 40.8% 36.9% 34.2% 39.3%
2012 38.9% 36.9% 33.5% 36.2%
2011 40.3% 58.2% 35% 32.6%
2010 44.3% 36.8% 37.4% 30.2%
2009 51.7% 32.5% 36.3% 22.5%
2008 60% 20.3% 35.3% 13%
2007 49.2% 15.8% 34.6% 12.4%
2006 47.2% 12.3% 33.9% 12.7%
2005 45% 8.12% 32.3% 17.8%
2004 44% 9.22% 33.7% 21.3%
2003 43.5% - 31.8% 24.9%
2002 43.8% - 32.1% 27.4%
2001 42.4% - 33.2% 27.4%
2000 - - 35% 29.6%
1999 - - 35.1% 21.7%
1998 - - 34.7% 16.5%
1997 - - 33.5% 15%
1996 - - 33.5% 11%
1995 - - 34.4% 6.91%
1994 - - 33.1% -
1993 - - 33.5% -
1992 - - 41.5% -
1991 - - 38.3% -
1990 - - 38.4% -
1989 - - 40.1% -
1988 - - 36.6% -
1987 - - 40.7% -
1986 - - 42.5% -
1985 - - 41.6% -
1984 - - 28.6% -
1983 - - 25.8% -
1982 - - 28.5% -
1981 - - 30.4% -
1980 - - 33.6% -
1979 - - 42% -
1978 - - 42.1% -
1977 - - 39.9% -
1976 - - 37.5% -
1975 - - 40.6% -
1974 - - 37.6% -
1973 - - 32.6% -
1972 - - 29.9% -
1971 - - 27.2% -
1970 - - 28.1% -
1969 - - 32.1% -
1968 - - 31.8% -
1967 - - 30.6% -
1966 - - 27.3% -
1965 - - 25.6% -
1964 - - 25.1% -
1963 - - 23.1% -
1962 - - 43.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1999, retrieved 2026-02-20).

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

In 2024, Belarus' government spending was $31.1B, accounting for 40.9% of its GDP, while Romania spent $153B, or 39.9% of GDP.

Debt-to-GDP ratio is 39.9% in Belarus and 57.4% in Romania, ranking 133/185 and 87/185, respectively.

Government deficit by year

Deficit/surplus
Belarus

Romania
1x
Year Deficit/surplus, % of GDP
Belarus Romania
2024 1.05% -8.68%
2023 0.76% -5.61%
2022 -1.98% -5.83%
2021 -0.22% -6.7%
2020 -2.87% -9.54%
2019 0.91% -4.55%
2018 1.8% -2.74%
2017 -0.34% -2.86%
2016 -1.66% -2.5%
2015 -2.96% -1.35%
2014 0.09% -1.76%
2013 -0.98% -2.44%
2012 0.36% -2.39%
2011 -2.81% -4.14%
2010 -4.19% -6.22%
2009 -7.23% -6.86%
2008 -10.9% -4.6%
2007 -7.82% -3.05%
2006 -7.71% -1.36%
2005 -6.71% -0.69%
2004 -7.06% -3.39%
2003 -6.74% -2.29%
2002 -7.81% -2.59%
2001 -4.74% -3.2%
2000 - -3.99%
1999 - -3.58%
1998 - -5.33%
1997 - -5.19%
1996 - -4.74%
1995 - -3.32%
1994 - -2.2%
1993 - -0.35%
1992 - -4.55%
1991 - 3.23%
1990 - 1.03%
1989 - -2.87%
1988 - 8.4%
1987 - 2.37%
1986 - 5.72%
1985 - 6.36%
1984 - 15.2%
1983 - 9.35%
1982 - 0.36%
1981 - 0.61%
1980 - -1.95%
1979 - 0%
1978 - 0%
1977 - 0.23%
1976 - 0.66%
1975 - 0.41%
1974 - 0.51%
1973 - 1.53%
1972 - 1.21%
1971 - 0.89%
1970 - 0.52%
1969 - 0.93%
1968 - 1.65%
1967 - 1.23%
1966 - 0.91%
1965 - -1.29%
1964 - -3.11%
1963 - -1.61%
1962 - -4.86%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-02-20).

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

In 2024, Belarus' government surplus, the difference between spending and revenue, was $796M, equivalent to 1.05% of GDP. This compares to Romania's deficit of $33.2B, or 8.68% of GDP.

Over the past 24 years, Belarus recorded a fiscal deficit in 18 of those years, while Romania ran a deficit in 24 years. On average, Belarus posted an annual deficit equal to 3.32% of GDP, compared to deficit of 3.97% of GDP for Romania.

Inflation comparison by year

Inflation
Belarus

Romania
1x
Year Consumer prices inflation
Belarus Romania
2024 5.7% 5.6%
2023 5% 10.4%
2022 15.2% 13.8%
2021 9.5% 5%
2020 5.5% 2.6%
2019 5.6% 3.8%
2018 4.9% 4.6%
2017 6% 1.3%
2016 11.8% -1.6%
2015 13.5% -0.6%
2014 18.1% 1.1%
2013 18.3% 4%
2012 59.2% 3.3%
2011 53.2% 5.8%
2010 7.7% 6.1%
2009 13% 5.6%
2008 14.8% 7.8%
2007 8.4% 4.8%
2006 7% 6.6%
2005 10.3% 9%
2004 18.1% 11.9%
2003 28.4% 15.4%
2002 42.6% 22.5%
2001 61.1% 34.5%
2000 168.6% 45.7%
1999 293.7% 45.8%
1998 73% 59.1%
1997 63.8% 154.8%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

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

Over the past 28 years, Belarus has recorded an average annual inflation rate of 37.2%, compared with 17.5% in Romania. In 2024, inflation was 5.7% in Belarus and 5.6% in Romania.

Top exports between countries

Belarus
Export category Export value
Wood & paper products $41.2M
Metals $33.8M
Chemicals & pharma $10.7M
Transport & tourism services $10.3M
Raw materials & minerals $10.1M
Textiles & consumer goods $9.87M
Machinery & equipment $4.35M
Business & finance services $1.07M
IT & IP services $457K
Miscellaneous $349K
Romania
Export category Export value
Chemicals & pharma $14.6M
Metals $4.36M
Raw agricultural goods $1.99M
Machinery & equipment $1.77M
Textiles & consumer goods $1.02M
Wood & paper products $466K
Raw materials & minerals $422K
Processed food, beverages & tobacco $334K
Miscellaneous $54K
Precious metals & jewellery $7K

Balance of trade

Belarus Romania
Current account balance
-$1.94B
2024
-$31.2B
2024
Current account balance ranking
142/190
2024
185/190
2024
Current account balance, % of GDP
-2.56%
2024
-8.16%
2024
Goods imports
$44.2B
2024
$129B
2024
Goods exports
$39.5B
2024
$93.3B
2024
Service imports
$6.82B
2024
$30.2B
2024
Service exports
$10.1B
2024
$42.9B
2024
Imports of goods and services, % of GDP
66.9%
2024
41.6%
2024
Exports of goods and services, % of GDP
65.1%
2024
35.6%
2024

Economic freedom indices

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

Belarus Romania
Economic freedom 49.1 65.4
Economic freedom ranking 166/197 64/197
Property rights 20 81
Government integrity 28.3 50
Judicial effectiveness 11.5 67
Tax burden 93.5 89.1
Government spending 52.6 56.7
Fiscal health 96.8 21.4
Business freedom 50.3 74.4
Labor freedom 48 63.6
Monetary freedom 69 72.7
Trade freedom 69.2 79.4
Investment freedom 30 70
Financial freedom 20 60

Economic freedom comparison by year

Belarus
Romania
1x
Year Economic freedom index
Belarus Romania
2026 49.1 65.4
2025 48.9 66.5
2024 48.4 64.4
2023 51 64.5
2022 53 67.1
2021 61 69.5
2020 61.7 69.7
2019 57.9 68.6
2018 58.1 69.4
2017 58.6 69.7
2016 48.8 65.6
2015 49.8 66.6
2014 50.1 65.5
2013 48 65.1
2012 49 64.4
2011 47.9 64.7
2010 48.7 64.2
2009 45 63.2
2008 45.3 61.7
2007 47 61.2
2006 47.5 58.2
2005 46.7 52.1
2004 43.1 50
2003 39.7 50.6
2002 39 48.7
2001 38 50
2000 41.3 52.1
1999 35.4 50.1
1998 38 54.4
1997 39.8 50.8
1996 38.7 46.2
1995 40.4 42.9

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

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

The Economic Freedom Index for Belarus is 49.1, ranking 166/197, compared to 65.4 for Romania, ranking 64/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belarus Romania
Services, % of GDP
49.7%
2024
62.6%
2024
Industry, % of GDP
30.7%
2024
25.3%
2024
Agriculture, forestry, and fishing, % of GDP
6.87%
2024
2.81%
2024
GNI, Atlas method
$75.4B
2024
$335B
2024
GNI per capita, PPP
$32,300
2024
$47,920
2024
Total reserves including gold
$8.91B
2024
$73.4B
2024
Total reserves ranking
82/177
2024
35/177
2024
Net foreign direct investment
-$1.57B
2024
-$5.17B
2024
Net inflows of foreign direct investment
$1.74B
2024
$7.16B
2024
Net outflows of foreign direct investment
$170M
2024
$1.99B
2024
Servicing debt to the IMF, % of GNI
7.19%
2024
n/a
Poverty at national poverty lines
3.9%
2022
19%
2023
Gross capital formation, % of GDP
25.8%
2024
25%
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/romania | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1962–1999, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.