About the experimental compilation of the Balance of Assets and Liabilities as of the end of 2023

For the first time, the National Statistical Committee has developed a system for assessing national wealth and compiled an experimental Balance of assets and liabilities.

This work was carried out within the implementation of the provisions of the Programme of Socio-Economic Development of the Republic of Belarus for 2021-2025, the execution of the measures of the Programme of the Government’s activities for the period up to 2025 which provide for an inventory and involvement of unused or inefficiently used assets in economic circulation, and also the execution of the measures of the Strategy for State Statistic Development in order to improve the construction of the System of National Accounts (SNA).

Significant amount of asset valuation work for the subsequent compilation of the balance of assets and liabilities was carried out in collaboration with interagency working group approved by order of the Ministry of Economy No. 83 of December 15, 2021 (the working group included representatives of Belstat, the Ministry of Economy, the Ministry of Finance, the Ministry of Forestry, the Ministry of Culture, the Ministry of Natural Resources, the State Committee on Property, the State Committee on Science and Technology, the National Academy of Science of Belarus and others).

A point-in-time balance of assets and liabilities contains data on the value of economic assets that are owned by an institutional unit or a group of institutional units, and the value of financial liabilities that are held by an institutional unit or a group of institutional units.

The balance of assets and liabilities completes the sequence of SNA and reflects the summary value of all transactions on the accounts of production, distribution, and use of income and accumulation.

The difference between the amount of non-financial and financial assets and financial liabilities of the balance allows for obtaining net capital value that called national wealth for the economy as a whole.

In the table below, the experimental balance of assets and liabilities is compiled as of the end of 2023. All assets and liabilities in the balance are measured at current market prices.

The presentation format of the balance of assets and liabilities will be changed in stages.

Currently, the issue of the valuation of water resources is being worked out. In the experimental balance, the estimation of water resources is not presented.

Balance of assets and liabilities
(at 2023 year-end, BYN million)