Georgia Economy 2023, CIA World Factbook

COVID-19 crippled tourism, transportation, and construction sectors; rising unemployment, public debts and poverty; foreign investment and domestic bond issuance

Real GDP (purchasing power parity)

$57.434 billion (2021 est.)

$51.993 billion (2020 est.)

$55.762 billion (2019 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

$15,500 (2021 est.)

$14,000 (2020 est.)

$15,000 (2019 est.)

note: data are in 2017 dollars

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.)

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.)

Labor force - by occupation

agriculture: 55.6%

industry: 8.9%

services: 35.5% (2006 est.)

Unemployment rate

10.66% (2021 est.)

18.5% (2020 est.)

11.57% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 28.3%

male: 27.4%

female: 29.9% (2021 est.)

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)

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

$8.086 billion (2021 est.) note: data are in current year dollars

$5.927 billion (2020 est.) note: data are in current year dollars

$9.546 billion (2019 est.) note: data are in current year dollars

Exports - partners

Russia 12%, Azerbaijan 12%, Armenia 9%, Bulgaria 8%, China 6%, Turkey 6%, Ukraine 6% (2019)

Exports - commodities

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

Imports

$11.151 billion (2021 est.) note: data are in current year dollars

$8.967 billion (2020 est.) note: data are in current year dollars

$11.162 billion (2019 est.) note: data are in current year dollars

Imports - partners

Turkey 17%, China 11%, Russia 9%, Azerbaijan 6%, United States 6%, Germany 5% (2019)

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 -

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 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Georgia 2023 information contained here. All suggestions for corrections of any errors about Georgia 2023 should be addressed to the CIA or the source cited on each page.

Georgia Economy - 2023

Economic overview