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Georgia Economy 2017
https://theodora.com/wfbcurrent/georgia/georgia_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Georgia Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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 energy 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-T'bilisi-Ceyhan oil pipeline, the South Caucasus 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. The expansion of the South Caucasus pipeline, as part of the Shah Deniz II Southern Gas Corridor project, will result in a $2 billion foreign investment in Georgia, the largest ever in the country. Gas from Shah Deniz II is expected to begin flowing in 2019.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 2010-13, but FDI inflows, the engine of Georgian economic growth prior to the 2008 conflict, have not recovered fully. Unemployment has also remained high.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, with a focus on hydropower, agriculture, tourism, and textiles production. Georgia has historically suffered from a chronic failure to collect tax revenues; however, since 2004 the government has simplified the tax code, improved tax administration, increased tax enforcement, and cracked down on petty corruption, leading to higher revenues. The government has received high marks from the World Bank for its anti-corruption efforts. 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. The government published its 2020 Economic Development Strategy in early 2014 and former Prime Minister Bidzina IVANISHVILI launched the Georgian Co-Investment Fund, a $6 billion private equity fund that will invest in tourism, agriculture, logistics, energy, infrastructure, and manufacturing. In mid-2014, Georgia signed an association agreement with the EU, paving the way to free trade and visa-free travel.

GDP (purchasing power parity):
$37.38 billion (2016 est.) $36.15 billion (2015 est.) $35.17 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 120
[see also: GDP country ranks ]

GDP (official exchange rate):
$14.46 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.4% (2016 est.) 2.8% (2015 est.) 4.6% (2014 est.)
country comparison to the world: 83
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,100 (2016 est.) $9,700 (2015 est.) $9,400 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 138
[see also: GDP - per capita country ranks ]

Gross national saving:
21.3% of GDP (2016 est.) 20.4% of GDP (2015 est.) 19.2% of GDP (2014 est.)
country comparison to the world: 75
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 66.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 3.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 38.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -51.6% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 9.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 68.3% (2016 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:
1.4% (2016 est.)
country comparison to the world: 138
[see also: Industrial production growth rate country ranks ]

Labor force:
1.959 million (2011 est.)
country comparison to the world: 123
[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:
12.1% (2016 est.) 12% (2015 est.)
country comparison to the world: 137
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
46 (2011) 37.1 (1996)
country comparison to the world: 35
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.266 billion
[see also: Budget revenues country ranks ]
expenditures: $4.541 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
29.5% of GDP (2016 est.)
country comparison to the world: 79
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.9% of GDP (2016 est.)
country comparison to the world: 67
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
42.4% of GDP (2016 est.) 41.4% of GDP (2015 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
country comparison to the world: 112
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2% (2016 est.) 4% (2015 est.)
country comparison to the world: 111
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.75% (15 January 2013) 5.25% (31 December 2012)
note: this is the Refinancing Rate, the key monetary policy rate of the National Bank of Georgia
country comparison to the world: 99
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
12.9% (31 December 2016 est.) 12.49% (31 December 2015 est.)
country comparison to the world: 59
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.165 billion (31 December 2016 est.) $2.063 billion (31 December 2015 est.)
country comparison to the world: 127
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.67 billion (31 December 2016 est.) $2.402 billion (31 December 2015 est.)
country comparison to the world: 146
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.186 billion (31 December 2016 est.) $6.946 billion (31 December 2015 est.)
country comparison to the world: 111
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$943.4 million (31 December 2012 est.) $795.7 million (31 December 2011 est.) $1.06 billion (31 December 2010 est.)
country comparison to the world: 107
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.75 billion (2016 est.) -$1.641 billion (2015 est.)
country comparison to the world: 145
[see also: Current account balance country ranks ]

Exports:
$2.926 billion (2016 est.) $3.043 billion (2015 est.)
country comparison to the world: 127
[see also: Exports country ranks ]

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

Exports - partners:
Azerbaijan 10.9%, Bulgaria 9.7%, Turkey 8.4%, Armenia 8.2%, Russia 7.4%, China 5.7%, US 4.7%, Uzbekistan 4.4% (2015)

Imports:
$6.803 billion (2016 est.) $7.363 billion (2015 est.)
country comparison to the world: 112
[see also: Imports country ranks ]

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

Imports - partners:
Turkey 17.2%, Russia 8.1%, China 7.6%, Azerbaijan 7%, Ireland 5.9%, Ukraine 5.9%, Germany 5.6% (2015)

Reserves of foreign exchange and gold:
$2.855 billion (31 December 2016 est.) $2.521 billion (31 December 2015 est.)
country comparison to the world: 105
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$13.65 billion (31 December 2016 est.) $13.31 billion (31 December 2015 est.)
country comparison to the world: 102
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$13.68 billion (31 December 2016 est.) $12.64 billion (31 December 2015 est.)
country comparison to the world: 89
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.933 billion (31 December 2016 est.) $1.773 billion (31 December 2015 est.)
country comparison to the world: 81
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
laris (GEL) per US dollar - 2.18 (2016 est.) 2.2694 (2015 est.) 2.2694 (2014 est.) 1.7657 (2013 est.) 1.65 (2012 est.)


NOTE: The information regarding Georgia on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Georgia Economy 2017 information contained here. All suggestions for corrections of any errors about Georgia Economy 2017 should be addressed to the CIA.




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