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 2, 2024 Macro Review | Strong gdp growth driven by key sectors amid global and domestic challenges
02
October
2024
According to GeoStat’s preliminary estimates in the second quarter of 2024, Georgia’s nominal GDP reached GEL 22,101.7 million, with a year-over-year real GDP growth of 9.6% and a GDP deflator change of 2.5%. The growth was driven by significant increases in value-added across various sectors: Accommodation and food service activities rose by 35.7%, Education by 21.3%, household activities as employers and producers of goods and services for personal use by 17.3%, Transportation and storage by 16.1%, Public administration and defense, including social security, by 13.3%, and Construction by 13%.
Quarter 1, 2024 Macro Review | Georgia’s robust growth amid global recovery challenges
28
June
2024
According to GeoStat’s preliminary estimates in the first quarter of 2024, Georgia’s nominal GDP reached GEL 18,913.2 million, with a year-over-year real GDP growth of 8.4% and a GDP deflator change of 3.1%. The growth was driven by significant increases in value-added across various sectors: Real estate activities rose by 18.8%, Education by 29.1%, Public administration and defence, including social security, by 13.0%, Construction by 10.3%, Information and communication by 12.2%, and Transportation and storage by 9.7%.
Quarter 4, 2023 Macro Review | Georgia's economic resurgence: GDP growth exceeds forecasts amid global slowdown
01
April
2024
Similar to the year 2022, Georgia stayed on the path of economic recovery from COVID-19 in 2023 as well. According to GeoStat’s preliminary estimates, the real GDP continues to show a relatively high growth rate, measuring at 7.5% y/y in 2023 – which is remarkably higher than the NBG’s real GDP growth expectation of 6% from October 2023.
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.
