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, remittances, and robust government spending. However, GDP growth slowed following the August 2008 conflict with Russia, and sank 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, tourism, hydropower, and agriculture. Georgia had 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 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):
$39.85 billion (2017 est.)
$37.96 billion (2016 est.)
$36.91 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 119
[see also: GDP country ranks ]

GDP (official exchange rate):
$15.16 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5% (2017 est.)
2.8% (2016 est.)
2.9% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 50
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$10,700 (2017 est.)
$10,300 (2016 est.)
$9,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 138
[see also: GDP - per capita country ranks ]

Gross national saving:
23% of GDP (2017 est.)
19.9% of GDP (2016 est.)
19.5% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 75
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 62.8% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.1% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 29.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.4% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 50.4% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -62.2% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 8.2% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.7% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 67.9% (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:
6.7% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 34
[see also: Industrial production growth rate country ranks ]

Labor force:
1.998 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 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:
NA% (2017 est.)
11.8% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 156
[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:
40.1 (2014)
46 (2011)
country comparison to the world (CIA rank, may be based on non-current data): 66
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 4.352 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 4.925 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
28.7% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 91
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.8% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 153
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
44.9% of GDP (2017 est.)
44.4% of GDP (2016 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
country comparison to the world (CIA rank, may be based on non-current data): 116
[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 (CIA rank, may be based on non-current data): 185
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7% (23 September 2015)
6.5% (7)
note: this is the Refinancing Rate, the key monetary policy rate of the National Bank of Georgia
country comparison to the world (CIA rank, may be based on non-current data): 49
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.49% (31 December 2017 est.)
12.62% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 70
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.301 billion (31 December 2017 est.)
$1.933 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 131
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.301 billion (31 December 2017 est.)
$1.933 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 139
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$8.961 billion (31 December 2017 est.)
$7.753 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 111
[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 (CIA rank, may be based on non-current data): 104
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.348 billion (2017 est.)
-$1.84 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 151
[see also: Current account balance country ranks ]

Exports:
$3.566 billion (2017 est.)
$2.831 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 121
[see also: Exports country ranks ]

Exports - partners:
Russia 14.5%, Azerbaijan 10%, Turkey 7.9%, Armenia 7.7%, China 7.6%, Bulgaria 6.6%, Ukraine 4.6%, US 4.5% (2017)

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

Imports:
$7.415 billion (2017 est.)
$6.747 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 114
[see also: Imports country ranks ]

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

Imports - partners:
Turkey 17.2%, Russia 9.9%, China 9.2%, Azerbaijan 7.6%, Ukraine 5.6%, Germany 5.4% (2017)

Reserves of foreign exchange and gold:
$3.039 billion (31 December 2017 est.)
$2.756 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 108
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$16.99 billion (31 December 2017 est.)
$14.08 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 100
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$17.47 billion (31 December 2017 est.)
$14.66 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 84
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$2.477 billion (31 December 2017 est.)
$2.185 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 81
[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.)