unbekannter Gast

Georgia: Economy#

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.

Economic Facts#

GDP (purchasing power parity)$27.3 billion (2013 est.)
$26.64 billion (2012 est.)
$25.1 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2.5% (2013 est.)
6.1% (2012 est.)
7.2% (2011 est.)
GDP - per capita (PPP)$6,100 (2013 est.)
$5,900 (2012 est.)
$5,600 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 8.5%
industry: 21.6%
services: 69.9% (2013 est.)
Population below poverty line9.2% (2010)
Household income or consumption by percentage sharelowest 10%: 2%
highest 10%: 31.3% (2008)
Labor force - by occupationagriculture: 55.6%
industry: 8.9%
services: 35.5% (2006 est.)
Exports - commoditiesvehicles, ferro-alloys, fertilizers, nuts, scrap metal, gold, copper ores
Exports - partnersAzerbaijan 25%, Armenia 11%, Ukraine 7%, Turkey 6%, Russia 6% (2013 est.)
Agriculture - productscitrus, grapes, tea, hazelnuts, vegetables; livestock
Budgetrevenues: $4.834 billion
expenditures: $5.257 billion (2013 est.)
Imports - commoditiesfuels, vehicles, machinery and parts, grain and other foods, pharmaceuticals
Imports - partnersTurkey 17%, Ukraine 8%, Azerbaijan 8%, Russia 7%, China 7% (2013 est.)
Exchange rateslaris (GEL) per US dollar -
1.655 (2013 est.)
1.6513 (2012 est.)
1.7823 (2010 est.)
1.6705 (2009 est.)
1.47 (2008 est.)
Exports$2.618 billion (2013 est.)
$2.377 billion (2012 est.)
Debt - external$11.74 billion (31 December 2013 est.)
$11.67 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$7.064 billion (2013 est.)
$7.842 billion (2012 est.)
Industrial production growth rate3% (2013 est.)
Industriessteel, machine tools, electrical appliances, mining (manganese, copper, gold), chemicals, wood products, wine
Inflation rate (consumer prices)-0.5% (2013 est.)
-0.9% (2012 est.)
Labor force1.959 million (2011 est.)
Unemployment rate15% (2013 est.)
15.1% (2011 est.)
Distribution of family income - Gini index46 (2011)
37.1 (1996)
Public debt36.3% of GDP (2012 est.)
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
Current account balance-$1.375 billion (2013 est.)
-$1.875 billion (2012 est.)
Reserves of foreign exchange and gold$3.317 billion (31 December 2013 est.)
$2.873 billion (31 December 2012 est.)
GDP (official exchange rate)$15.95 billion (2013 est.)
Stock of direct foreign investment - at home$11.19 billion (31 December 2013 est.)
$10.49 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$1.359 billion (31 December 2013 est.)
$1.329 billion (31 December 2012 est.)
Market value of publicly traded shares$943.4 million (31 December 2012 est.)
$NA (31 December 2011)
$NA (31 December 2010 est.)
Central bank discount rate3.75% (15 January 2013)
5.25% (31 December 2012)
note: this is the Refinancing Rate, the key monetary policy rate of the National Bank of Georgia
Commercial bank prime lending rate20.7% (31 December 2013 est.)
22.08% (31 December 2012 est.)
Stock of domestic credit$5.96 billion (31 December 2013 est.)
$5.518 billion (31 December 2012 est.)
Stock of narrow money$2.025 billion (31 December 2013 est.)
$1.965 billion (31 December 2012 est.)
Stock of broad money$4.72 billion (31 September 2012 est.)
$4.249 billion (31 December 2011 est.)
Taxes and other revenues30.3% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.7% of GDP (2013 est.)
GDP - composition, by end usehousehold 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.)
Gross national saving18% of GDP (2013 est.)
17.1% of GDP (2012 est.)
12.6% of GDP (2011 est.)