Georgia Economy - 2024

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.)