Macroeconomic Review
Macroeconomic Review of the Georgian economy is a quarterly publication. The publication offers a comprehensive review and an economic interpretation of the existing data trends, which are based on monthly statistics from GeoStat, NBG, and other sources.
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June 2015 Macro Review | GDP growth data shows a grim start to the second quarter
17 June 2015

After relatively high GDP growth in February and March, the Georgian economy slowed down considerably in April. According to Geostat’s rapid estimates, GDP grew by only 0.9% annually in the reporting month. Consequently, in the first four months of 2015, the Georgian economy expanded by 2.6%.

May 2015 Macro Review | First quarter closes with encouraging 3.2% growth. Export and import dynamics ease pressure on the value of Lari
03 June 2015

According to Geostat’s rapid estimates, Georgia’s economy grew by 4.3% in March 2015. After the slowdown of the last several months, the growth rate in February and March looks very promising. In the first quarter of 2015, GDP growth amounted to 3.2%. In March, VAT payers’ turnover increased by 9.9% annually, and the total consumption of electricity increased by 6.2%.

April 2015 Macro Review | Higher than expected growth in February raises hopes for recovery
16 April 2015

According to Geostat’s rapid estimates, real GDP increased by 4.9% in February. This comes as welcome news after several consecutive months of low and, at times (November 2014), negative growth. ISET’s GDP forecast predicts 0.5% GDP growth in the first quarter of 2015. However, this is likely an underestimation of the true outcome, as the economy has already partially adjusted to the external shocks that were the main drivers of the slowdown.

March 2015 Macro Review | Slowdown of growth continues in January: lari depreciation against the US dollar not enough to lift exports
17 March 2015

The economic slowdown of the closing months of 2014 continued in January 2015, with the growth of real GDP amounting to only 0.5%. ISET‐PI’s GDP forecast is not optimistic either, with GDP growth in the first quarter of 2015 expected to be 0.5% (see GDP Forecast). The 5% economic growth initially forecasted by the government of Georgia, the 5.5% predicted by the ADB and the 4.2% predicted by the EBRD in September 2014 each seem quite out of reach now.

February 2015 Macro Review | Taking stock of 2013‐2014 economic developments in Georgia
13 March 2015

February is usually a good time to take stock of the country’s economic performance because at the beginning of the month statistical agencies release data on many baseline indicators for the previous year. Preliminary data reveals that the annual GDP growth rate in 2014 was 4.7%, which fell short of the 5% that had been expected.