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Georgia Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Georgia Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Georgia's main economic activities include cultivation of agricultural products such as grapes, citrus fruits, and hazelnuts; mining of manganese, copper, and gold; and producing alcoholic and nonalcoholic beverages, metals, machinery, and chemicals in small-scale industries. The country imports nearly all of its needed supplies of natural gas and oil products. It has sizeable hydropower capacity that now provides most of its electricity needs.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. Construction of the Baku-Tbilisi-Ceyhan oil pipeline, the South Caucasus gas pipeline, and the Baku-Tbilisi-Kars railroad are part of a strategy to capitalize on Georgia's strategic location between Europe and Asia and develop its role as a transit hub for gas, oil, and other goods.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 following the August 2008 conflict with Russia, and sunk to negative 4% in 2009 as foreign direct investment and workers' remittances declined in the wake of the global financial crisis. The economy rebounded in the period 2010-17, but FDI inflows, the engine of Georgian economic growth prior to the 2008 conflict, have not recovered fully. Unemployment remains persistently high.The country is pinning its hopes for faster growth on a continued effort to build up infrastructure, enhance support for entrepreneurship, simplify regulations, and improve professional education, in order to attract foreign investment and boost employment, with a focus on transportation projects, hydropower, agriculture, and tourism. Georgia has historically suffered from a chronic failure to collect tax revenues; however, since 2004 the government has simplified the tax code, increased tax enforcement, and cracked down on petty corruption, leading to higher revenues. The government has received high marks from the World Bank for improvements in business transparency. Since 2012, the Georgian Dream-led government has continued the previous administration's low-regulation, low-tax, free market policies, while modestly increasing social spending, strengthening anti-trust policy, and amending the labor code to comply with International Labor Standards. In mid-2014, Georgia concluded an association agreement with the EU, paving the way to free trade and visa-free travel. In 2017, Georgia signed Free Trade Agreement (FTA) with China as part of Tbilisi’s efforts to diversify its economic ties. Georgia is seeking to develop its Black Sea ports to further facilitate East-West trade.

GDP (purchasing power parity):
$39.32 billion (2017 est.) $37.82 billion (2016 est.) $36.81 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 121

GDP (official exchange rate):
$15.23 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4% (2017 est.) 2.7% (2016 est.) 2.9% (2015 est.)
country comparison to the world: 65
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,600 (2017 est.) $10,200 (2016 est.) $9,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 137

Gross national saving:
21.8% of GDP (2017 est.) 19.1% of GDP (2016 est.) 20.1% of GDP (2015 est.)
country comparison to the world: 77
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 63.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 29.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 3.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 52.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -67.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 9.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 66.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
7% (2017 est.)
country comparison to the world: 27
[see also: Industrial production growth rate country ranks ]

Labor force:
1.998 million (2016 est.)
country comparison to the world: 125
[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:
11.5% (2017 est.) 11.8% (2016 est.)
country comparison to the world: 147
[see also: Unemployment rate country ranks ]

Population below poverty line:
9.2% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 31.3% (2008)

Distribution of family income - Gini index:
40.1 (2014) 46 (2011)
country comparison to the world: 62
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.26 billion
[see also: Budget - revenues country ranks ]
expenditures: $4.852 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
28% of GDP (2017 est.)
country comparison to the world: 96
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.9% of GDP (2017 est.)
country comparison to the world: 142
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
44.2% of GDP (2017 est.) 44.5% of GDP (2016 est.)
note: data cover general government debt, and includes 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 intra-governmental debt or social funds
country comparison to the world: 119
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6% (2017 est.) 2.1% (2016 est.)
country comparison to the world: 184
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (7 Setpember 2016) 7% (23 September 2015)
note: this is the Refinancing Rate, the key monetary policy rate of the National Bank of Georgia
country comparison to the world: 57
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.5% (31 December 2017 est.) 12.62% (31 December 2016 est.)
country comparison to the world: 72
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.203 billion (31 December 2017 est.) $2.389 billion (31 December 2016 est.)
country comparison to the world: 129
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.419 billion (31 December 2017 est.) $2.454 billion (31 December 2016 est.)
country comparison to the world: 148
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.179 billion (31 December 2017 est.) $7.753 billion (31 December 2016 est.)
country comparison to the world: 117
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.155 billion (31 December 2015 est.) $943.4 million (31 December 2012 est.) $795.7 million (31 December 2011 est.)
country comparison to the world: 105
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.811 billion (2017 est.) -$1.91 billion (2016 est.)
country comparison to the world: 154
[see also: Current account balance country ranks ]

Exports:
$3.533 billion (2017 est.) $2.831 billion (2016 est.)
country comparison to the world: 121
[see also: Exports country ranks ]

Exports - commodities:
vehicles, ferro-alloys, fertilizers, nuts, scrap metal, gold, copper ores

Exports - partners:
Russia 9.8%, Turkey 8.2%, China 8.1%, Bulgaria 7.3%, Azerbaijan 7.3%, Armenia 7.2%, Germany 4.1% (2016)

Imports:
$7.846 billion (2017 est.) $6.64 billion (2016 est.)
country comparison to the world: 108
[see also: Imports country ranks ]

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

Imports - partners:
Canada 18.6%, Turkey 14%, Russia 7%, Ireland 6.5%, China 5.7%, Azerbaijan 5.1%, Germany 4.4%, Ukraine 4.3% (2016)

Reserves of foreign exchange and gold:
$2.945 billion (31 December 2017 est.) $2.756 billion (31 December 2016 est.)
country comparison to the world: 108
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$14.15 billion (31 December 2017 est.) $14.08 billion (31 December 2016 est.)
country comparison to the world: 105
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$16.2 billion (31 December 2017 est.) $14.66 billion (31 December 2016 est.)
country comparison to the world: 87
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$2.505 billion (31 December 2017 est.) $2.185 billion (31 December 2016 est.)
country comparison to the world: 79
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
laris (GEL) per US dollar - 2.535 (2017 est.) 2.3668 (2016 est.) 2.3668 (2015 est.) 2.2694 (2014 est.) 1.7657 (2013 est.)


NOTE: 1) The information regarding Georgia on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Georgia Economy 2018 information contained here. All suggestions for corrections of any errors about Georgia Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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