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Georgia Economy - 2024


SOURCE: 2024 CIA WORLD FACTBOOK

GEOGRAPHICAL NAMES  Spanish Simplified Chinese French German Russian Hindi Arabic Portuguese

Economic overview

main economic activities include cultivation of agricultural products, such as grapes, citrus fruits, and hazelnuts; mining of manganese, copper, and gold; producing alcoholic and nonalcoholic beverages

Real GDP (purchasing power parity)

$63.403 billion (2022 est.)
$57.434 billion (2021 est.)
$51.993 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

10.47% (2021 est.)
-6.76% (2020 est.)
4.98% (2019 est.)

Real GDP per capita

$17,100 (2022 est.)
$15,500 (2021 est.)
$14,000 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$17.694 billion (2019 est.)

Inflation rate (consumer prices)

9.57% (2021 est.)
5.2% (2020 est.)
4.85% (2019 est.)

Credit ratings

Fitch rating: BB (2019)

Moody's rating: Ba2 (2017)

Standard & Poors rating: BB (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 8.2% (2017 est.)

industry: 23.7% (2017 est.)

services: 67.9% (2017 est.)

GDP - composition, by end use

household consumption: 62.8% (2017 est.)

government consumption: 17.1% (2017 est.)

investment in fixed capital: 29.5% (2017 est.)

investment in inventories: 2.4% (2017 est.)

exports of goods and services: 50.4% (2017 est.)

imports of goods and services: -62.2% (2017 est.)

Agricultural products

milk, grapes, maize, potatoes, wheat, watermelons, tomatoes, tangerines/mandarins, barley, apples

Industries

steel, machine tools, electrical appliances, mining (manganese, copper, gold), chemicals, wood products, wine

Industrial production growth rate

2.4% (2021 est.)

Labor force

1.724 million (2021 est.)

Unemployment rate

10.66% (2021 est.)
18.5% (2020 est.)
11.57% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 28.3% (2021 est.)

male: 27.4%

female: 29.9%

Population below poverty line

19.5% (2019 est.)

Gini Index coefficient - distribution of family income

34.5 (2020 est.)

Average household expenditures

on food: 32.3% of household expenditures (2018 est.)

on alcohol and tobacco: 3.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2%

highest 10%: 31.3% (2008)

Remittances

14.19% of GDP (2021 est.)
13.32% of GDP (2020 est.)
12.93% of GDP (2019 est.)

Budget

revenues: $4.737 billion (2019 est.)

expenditures: $5.059 billion (2019 est.)

Budget surplus (+) or deficit (-)

-3.8% (of GDP) (2017 est.)

Public debt

65.88% of GDP (2020 est.)
45.15% of GDP (2019 est.)
38.89% of GDP (2018 est.)

note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities; Georgia does not maintain intragovernmental debt or social funds

Taxes and other revenues

21.41% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$1.937 billion (2021 est.)
-$1.981 billion (2020 est.)
-$1.025 billion (2019 est.)

Exports

$13.112 billion (2022 est.)
$8.086 billion (2021 est.)
$5.927 billion (2020 est.)

note: data are in current year dollars

Exports - partners

China 13%, Russia 12%, Azerbaijan 11%, Turkey 7%, Ukraine 6% (2021)

Exports - commodities

copper, iron alloys, cars, wine, refined petroleum, nitrogen fertilizers, liquors (2021)

Imports

$15.545 billion (2022 est.)
$11.151 billion (2021 est.)
$8.967 billion (2020 est.)

note: data are in current year dollars

Imports - partners

Turkey 17%, China 9%, Russia 9%, United States 7%, Azerbaijan 6% (2021)

Imports - commodities

cars, refined petroleum, copper, packaged medicines, natural gas (2019)

Reserves of foreign exchange and gold

$4.271 billion (31 December 2021 est.)
$3.913 billion (31 December 2020 est.)
$3.506 billion (31 December 2019 est.)

Debt - external

$18.149 billion (2019 est.)
$17.608 billion (2018 est.)

Exchange rates

laris (GEL) per US dollar -

Exchange rates:
3.222 (2021 est.)
3.109 (2020 est.)
2.818 (2019 est.)
2.534 (2018 est.)
2.51 (2017 est.)

NOTE: The information regarding Georgia on this page is re-published from the 2024 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Georgia 2024 information contained here. All suggestions for corrections of any errors about Georgia 2024 should be addressed to the CIA or the source cited on each page.

This page was last modified 04 May 24, Copyright © 2024 ITA all rights reserved.