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Georgia Economy 2011
https://theodora.com/wfb2011/georgia/georgia_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















Georgia Economy 2011
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2011

Economy - overview:
Georgia's economy sustained GDP growth of more than 10% in 2006-07, based on strong inflows of foreign investment and robust government spending. However, GDP growth slowed in 2008 following the August 2008 conflict with Russia, and turned negative in 2009 as foreign direct investment and workers' remittances declined in the wake of the global financial crisis, but rebounded in 2010. Georgia's main economic activities include the cultivation of agricultural products such as grapes, citrus fruits, and hazelnuts; mining of manganese and copper; and output of a small industrial sector producing alcoholic and nonalcoholic beverages, metals, machinery, aircraft and chemicals. Areas of recent improvement include growth in the construction, banking services, and mining sectors, but reduced availability of external investment and the slowing regional economy are emerging risks. The country imports nearly all its needed supplies of natural gas and oil products. It has sizeable hydropower capacity, a growing component of its energy supplies. Georgia has overcome the chronic energy shortages and gas supply interruptions of the past by renovating hydropower plants and by increasingly relying on natural gas imports from Azerbaijan instead of from Russia. The construction on the Baku-T'bilisi-Ceyhan oil pipeline, the Baku-T'bilisi-Erzerum gas pipeline, and the Kars-Akhalkalaki Railroad are part of a strategy to capitalize on Georgia's strategic location between Europe and Asia and develop its role as a transit point for gas, oil and other goods. Georgia has historically suffered from a chronic failure to collect tax revenues; however, the government, since coming to power in 2004, has simplified the tax code, improved tax administration, increased tax enforcement, and cracked down on petty corruption. However, the economic downturn of 2008-09 eroded the tax base and led to a decline in the budget surplus and an increase in public borrowing needs. The country is pinning its hopes for renewed growth on a determined effort to continue to liberalize the economy by reducing regulation, taxes, and corruption in order to attract foreign investment, but the economy faces a more difficult investment climate both domestically and internationally.

GDP (purchasing power parity):
$22.07 billion (2010 est.)
country comparison to the world: 122

$21.16 billion (2009 est.)
$22.02 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$11.23 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.3% (2010 est.)
country comparison to the world: 69

-3.9% (2009 est.)
2.3% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$4,800 (2010 est.)
country comparison to the world: 153

$4,600 (2009 est.)
$4,800 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 11%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 27.1%
[see also: GDP - composition by sector - industry country ranks ]
services: 62% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
1.918 million (2007 est.)
country comparison to the world: 122
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 55.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 8.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 35.5% (2006 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
16.4% (2009 est.)
country comparison to the world: 156

13.6% (2006 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
31% (2006)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.6% (2008)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
40.8 (2009)
country comparison to the world: 59

37.1 (1996)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
14.5% of GDP (2009 est.)
country comparison to the world: 135
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $3.172 billion
[see also: Budget - revenues country ranks ]
expenditures: $3.915 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
5.7% (2010 est.)
country comparison to the world: 155

1.7% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
8% (25 December 2008)

NA% (31 December 2007)
note: this is the Refinancing Rate, the key monetary policy rate of the Georgian National Bank
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
25.52% (31 December 2009 est.)
country comparison to the world: 14

21.24% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.175 billion (31 December 2010 est)

$1.122 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.146 billion (31 December 2010 est.)

$1.28 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.243 billion (31 December 2010 est.)
country comparison to the world: 118

$3.569 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$733.3 million (31 December 2009)
country comparison to the world: 107

$327.3 million (31 December 2008)
$1.389 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
citrus, grapes, tea, hazelnuts, vegetables; livestock

Industries:
steel, aircraft, machine tools, electrical appliances, mining (manganese and copper), chemicals, wood products, wine

Industrial production growth rate:
4% (2009 est.)
country comparison to the world: 86
[see also: Industrial production growth rate country ranks ]

Electricity - production:
7.97 billion kWh (2008 est.)
country comparison to the world: 99
[see also: Electricity - production country ranks ]

Electricity - consumption:
6.902 billion kWh (2008 est.)
country comparison to the world: 100
[see also: Electricity - consumption country ranks ]

Electricity - exports:
628 million kWh (2007 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
430 million kWh (2007 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
995 bbl/day (2009 est.)
country comparison to the world: 105
[see also: Oil - production country ranks ]

Oil - consumption:
13,000 bbl/day (2009 est.)
country comparison to the world: 142
[see also: Oil - consumption country ranks ]

Oil - exports:
1,486 bbl/day (2008 est.)
country comparison to the world: 120
[see also: Oil - exports country ranks ]

Oil - imports:
16,590 bbl/day (2008 est.)
country comparison to the world: 120
[see also: Oil - imports country ranks ]

Oil - proved reserves:
35 million bbl (1 January 2010 est.)
country comparison to the world: 81
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
8 million cu m (2008 est.)
country comparison to the world: 92
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
1.73 billion cu m (2008 est.)
country comparison to the world: 82
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 175
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
1.72 billion cu m (2008 est.)
country comparison to the world: 49
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
8.495 billion cu m (1 January 2010 est.)
country comparison to the world: 80
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$1.404 billion (2010 est.)
country comparison to the world: 147

-$1.259 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$2.29 billion (2010 est.)
country comparison to the world: 128

$1.893 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
scrap metal, wine, mineral water, ores, vehicles, fruits and nuts

Exports - partners:
Turkey 17.87%, Azerbaijan 12.3%, Bulgaria 9.6%, Canada 8.78%, UK 7.49%, Ukraine 6.82%, Spain 5.27%, US 4.99% (2009)

Imports:
$4.828 billion (2010 est.)
country comparison to the world: 119

$4.293 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
fuels, vehicles, machinery and parts, grain and other foods, pharmaceuticals

Imports - partners:
Turkey 16.81%, Azerbaijan 9.72%, Ukraine 9.17%, Russia 7.39%, US 6.63%, Germany 6.22% (2009)

Reserves of foreign exchange and gold:
$2.35 billion (31 December 2010 est.)
country comparison to the world: 91

$2.11 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.381 billion (31 December 2009)
country comparison to the world: 122

$7.711 billion (31 December 2008)
[see also: Debt - external country ranks ]

Exchange rates:
laris (GEL) per US dollar - 1.8009 (2010), 1.6705 (2009), 1.47 (2008), 1.7 (2007), 1.78 (2006)


NOTE: The information regarding Georgia on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Georgia Economy 2011 information contained here. All suggestions for corrections of any errors about Georgia Economy 2011 should be addressed to the CIA.






This page was last modified 09-Feb-11
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