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Georgia Economy 2015
http://www.theodora.com/wfbcurrent/georgia/georgia_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 22, 2014

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 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. 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 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. The government has received high marks from the World Bank for its anti-corruption efforts. Over the past year the Georgian Dream-led government 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 is finalizing its 2020 Economic Development Strategy and has launched the Georgia Co-Investment Fund, a $6 billion private equity fund that will invest in tourism, agriculture, logistics, energy, infrastructure, and manufacturing.

GDP (purchasing power parity):
$27.3 billion (2013 est.)
country comparison to the world: 121

$26.64 billion (2012 est.)
$25.1 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$15.95 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.5% (2013 est.)
country comparison to the world: 129

6.1% (2012 est.)
7.2% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,100 (2013 est.)
country comparison to the world: 150

$5,900 (2012 est.)
$5,600 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
18% of GDP (2013 est.)
country comparison to the world: 89

17.1% of GDP (2012 est.)
12.6% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 68.6%
government consumption: 19%
investment in fixed capital: 23.6%
investment in inventories: 3.2%
exports of goods and services: 39.9%
imports of goods and services: -54.4%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 8.5%
industry: 21.6%
services: 69.9% (2013 est.)

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:
3% (2013 est.)
country comparison to the world: 96
[see also: Industrial production growth rate country ranks ]

Labor force:
1.959 million (2011 est.)
country comparison to the world: 122
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 55.6%
industry: 8.9%
services: 35.5% (2006 est.)

Unemployment rate:
15% (2013 est.)
country comparison to the world: 138

15.1% (2011 est.)
[see also: Unemployment rate country ranks ]

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

Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 31.3% (2008)

Distribution of family income - Gini index:
46 (2011)
country comparison to the world: 34

37.1 (1996)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.834 billion
expenditures: $5.257 billion (2013 est.)

Taxes and other revenues:
30.3% of GDP (2013 est.)
country comparison to the world: 91
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.7% of GDP (2013 est.)
country comparison to the world: 115
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
36.3% of GDP (2012 est.)
country comparison to the world: 103

36.5% of GDP (2011 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.5% (2013 est.)
country comparison to the world: 5

-0.9% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.75% (15 January 2013)
country comparison to the world: 67

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

Commercial bank prime lending rate:
20.7% (31 December 2013 est.)
country comparison to the world: 15

22.08% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.025 billion (31 December 2013 est.)
country comparison to the world: 125

$1.965 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.72 billion (31 September 2012 est.)
country comparison to the world: 130

$4.249 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$5.96 billion (31 December 2013 est.)
country comparison to the world: 107

$5.518 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$943.4 million (31 December 2012 est.)

$NA (31 December 2011)
$NA (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.375 billion (2013 est.)
country comparison to the world: 130

-$1.875 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$2.618 billion (2013 est.)
country comparison to the world: 134

$2.377 billion (2012 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Azerbaijan 25%, Armenia 11%, Ukraine 7%, Turkey 6%, Russia 6% (2013 est.)

Imports:
$7.064 billion (2013 est.)
country comparison to the world: 115

$7.842 billion (2012 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Turkey 17%, Ukraine 8%, Azerbaijan 8%, Russia 7%, China 7% (2013 est.)

Reserves of foreign exchange and gold:
$3.317 billion (31 December 2013 est.)
country comparison to the world: 105

$2.873 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$11.74 billion (31 December 2013 est.)
country comparison to the world: 97

$11.67 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$11.19 billion (31 December 2013 est.)
country comparison to the world: 84

$10.49 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.359 billion (31 December 2013 est.)
country comparison to the world: 77

$1.329 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
laris (GEL) per US dollar -

1.655 (2013 est.)
1.6513 (2012 est.)
1.7823 (2010 est.)
1.6705 (2009 est.)
1.47 (2008 est.)


NOTE: The information regarding Georgia on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Georgia Economy 2015 information contained here. All suggestions for corrections of any errors about Georgia Economy 2015 should be addressed to the CIA.



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