Indexes
Quarter 4 2019, Macro Review | The 2019 Georgian economy – a year in review
03
February
2020
According to Geostat, the 2019 real GDP growth in Georgia was 5.1% year-over-year (YoY). This figure moderately surpassed NBG’s, ADB’s, EBRD’s, IMF’s and the World Bank’s latest growth projections for 2019, which range from 4.5%-4.7%. However, the real winner in this race was ISET-PI’s annual GDP growth forecast; in May 2019, we predicted a 4.9% annual growth. Although 2019 may now seem like the distant past in light of the coronavirus epidemic, it is worth noting that Georgia headed into 2020 with strong momentum. Therefore, the fact that the 2019 growth outcomes were strong will likely soften the impact of COVID-19 on the economy in 2020.
Georgian economic growth in 2019 was driven by both increased domestic and external demands, with strong fiscal stimulus and greater activity on the credit market as the main internal drivers of growth. Additionally, the depreciated effective exchange rate stimulated net exports, and current account deficits improved significantly. Increased money transfers also led to accelerated economic growth. Due to the Russian ban on air travel to Georgia, revenues from international travelers increased only marginally, while foreign direct investment (FDI) stood at the same level as in 2018, having no impact on growth in the reported period.
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Quarter 3, 2023 Macro Review | Economic landscape in Georgia: navigating growth amidst global uncertainties and regional dynamics
29
December
2023
The global recovery from both the COVID-19 pandemic and Russia's invasion of Ukraine is progressing slowly and unevenly. While there was initial economic resilience earlier in the year, marked by a rebound in reopening and efforts to reduce inflation, it is premature to feel reassured. Economic activity has yet to fully return to pre-pandemic levels, particularly in emerging markets and developing economies, and regional disparities are widening.
Quarter 2, 2023 Macro Review | Annual economic review: unpacking the slower GDP growth, inflation stability, and changing the FX stream dynamics
23
October
2023
Global economic growth is anticipated to decrease from 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. In comparison to the April 2023 World Economic Outlook (WEO) projections, there has been a modest 0.2 percentage point improvement in the growth forecast for 2023, while the 2024 projection remains unchanged.
Quarter 1 2023, Macro Review | Georgian economy moves ahead, but fears of global headwinds mar the start of 2023
03
July
2023
The global economy remains in a volatile state amid the prolonged effects of the combined negative shocks of the pandemic, Russia’s invasion of Ukraine, high inflation, and the tightening monetary policy. Although the global economy remained resilient at the beginning of the year, the situation is expected to worsen.
Quarter 4 2022, Macro Review | Georgian economy 2022 – the year in review
10
April
2023
In 2022 Georgia stayed on the path of recovery, exceeding experts’ expectations of economic performance. According to GeoStat’s preliminary estimates, the real GDP continues to show double-digit growth rates, measuring at 10.1% y/y in 2022 – which is remarkably close to the NBG’s real GDP growth expectation of 10% from October 2022.
Quarter 3 2022 | Macro Review: A perfect storm of global challenges in 2022 tests the resilience of the Georgian economy
26
December
2022
The third quarter of 2022 was marked by a “perfect storm” of global challenges. Due to the ongoing geopolitical, economic, and ecological turbulence, with inflation reaching its highest point in decades, the world economy remains volatile.
