Analysis of variance of economic development for regions of the Republic of Belarus

The paper presents the methodology for evaluation and analysis of dynamics of sustain-able economic development of regions. The technique is based on the diagnosis of loss of stability of economic growth by estimating the variance of GRP growth rates (GDP). Risk of economic instability is due to indication of relative variance in economic growth rates. Author studies eight subjects: Republic of Belarus, its regions and the capital - the city of Minsk - for years 2008-2013. The article contains graphic materials for calculations of obtained average level of deviation growth rate of the economy during the analyzed pe-riod. The author defines years with economic development closest to the sustainable state as well as the maximum deviation from the average. The paper also lists the correlation and regression analysis, and the results of it were used to model the investment activity of regions and economic instability (explaining more than 72% of the results).