Indexes
September 2015 Macro Review | What doesn’t kill us, makes us stronger
17
September
2015
• In July 2015, domestic production in Georgia increased by 3% annually, maintaining a stable and positive trend.
• Consumer price inflation reached the highest value (4.9%) in two years. The 1 August 2015 increase in electricity tariffs is likely to put some additional upward pressure on consumer price inflation in the coming months.
• Compared to the previous month, the value of the Georgian lari has stabilized against the dollar in July and appreciated slightly against the currency basket of Georgia’s trading partners.
• Export growth continued to decline in annual terms, reflecting the declining demand for Georgian exports from main trading partners, including Russia, Azerbaijan, Turkey and Ukraine.
• Bulgaria became Georgia’s fastest-growing export destination in July.
• The new excise tax adopted by the government at the beginning of the year increased annual tax income from excise by 44% and contributed 37% to the total increase in government income from all taxes.
According to Geostat’s rapid estimates for July, Georgia’s real GDP increased by 3% annually. This growth rate, although not spectacular, comes as welcome news for the economy. The July estimate is still above the official IMF and EBRD forecasts for Georgia’s annual growth and is the fourth-highest growth rate value since the beginning of the year.
Related indicators that closely track monthly production changes, like VAT payer’s turnover and electricity consumption, both increased in July, by 7.4% and 2.7% respectively.
Recent Publications
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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.
