Georgia - Economic Forecasts - 2018-2020 Outlook

This page has economic forecasts for Georgia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Georgia economy.


Overview Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Unemployment Rate 11.80 10.9 10.9 11.37 10.9 10 percent
Inflation Rate 4.30 6.1 5.3 4.7 4.5 3.7 percent
Interest Rate 7.25 7 7 7 6 6 percent
Balance of Trade -371.30 -461 -454 -448 -443 -394 USD Million
Government Debt to GDP 43.90 44.4 44.4 40.52 44.4 43.3 percent
MARKETS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Currency 2.45
2.59 2.65 2.71 2.78 3.06
GDP Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
GDP Annual Growth Rate 4.40
percent
5.3 4.6 4.8 5.1 4.9
GDP 14.32
USD Billion
13.02 13.45 13.87 18 21
GDP Constant Prices 7407.30
GEL Million
7720 7815 7926 8042 9217
Gross Fixed Capital Formation 2874.50
GEL Million
2517 2600 2778 2899 2752
GDP per capita 4079.80
USD
4017 4044 4071 4097 3637
GDP per capita PPP 9267.30
USD
9108 9173 9239 9304 7982
Gross National Product 9275.90
GEL Million
8328 8499 8920 9008 8709
GDP From Agriculture 464.60
GEL Million
385 451 449 500 475
GDP From Construction 585.80
GEL Million
408 453 572 467 467
GDP From Manufacturing 630.30
GEL Million
595 578 620 685 642
GDP From Mining 54.30
GEL Million
60.63 63.6 55.2 64.69 60.28
GDP From Public Administration 685.60
GEL Million
485 795 674 821 817
GDP From Services 382.80
GEL Million
315 348 372 431 405
GDP From Transport 472.10
GEL Million
461 466 470 468 462
GDP From Utilities 142.20
GEL Million
161 141 143 194 184
LABOUR Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Unemployment Rate 11.80
percent
10.9 10.9 11.37 10.9 10
Employed Persons 643.90
Thousand
651 649 644 641 610
Unemployed Persons 235.10
Thousand
241 233 225 217 249
Labor Force Participation Rate 67.50
percent
66.68 66.82 66.97 67.11 64.63
Wages 1069.14
GEL/Month
1073 1089 1064 1081 1062
Population 3.72
Million
3.71 3.71 3.81 3.71 4.1
Wages In Manufacturing 919.00
GEL
883 881 889 898 878
Youth Unemployment Rate 30.00
percent
27 27 32.63 27 25
Retirement Age Men 65.00
65 65 65 65 65
Retirement Age Women 60.00
60 60 60 60 60
PRICES Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Inflation Rate 4.30
percent
6.1 5.3 4.7 4.5 3.7
Consumer Price Index CPI 127.80
Index Points
128 128 128 128 127
GDP Deflator 106.60
Index Points
107 107 106 106 106
Import Prices 99.70
Index Points
101 101 101 101 101
Producer Prices 144.90
Index Points
146 146 146 146 143
Producer Prices Change 8.70
percent
6.43 5.76 5.69 5.75 5.95
Inflation Rate Mom 0.60
percent
0.26 0.29 0.29 0.29 0.29
Food Inflation 4.70
percent
4.31 5.03 5.7 6.16 6.97
CPI Transportation 116.70
Index Points
116 116 115 114 109
Export Prices 99.40
Index Points
101 101 101 101 101
MONEY Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Interest Rate 7.25
percent
7 7 7 6 6
Money Supply M0 2698733.84
GEL Thousands
2722712 2728849 2725453 2720283 2655269
Deposit Interest Rate 9.90
percent
9.14 9.34 9.55 9.75 11.98
Money Supply M1 6011381.79
GEL Thousands
6053787 6072509 6068161 6059945 5956111
Money Supply M2 8418147.83
GEL Thousands
8704080 8841708 8879044 8880954 8708080
Money Supply M3 18416278.04
GEL Thousands
18910022 19033568 19051596 19038287 18728861
Foreign Exchange Reserves 3188183.00
GEL Thousands
3084573 3034033 2979586 2925708 2389984
TRADE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Balance of Trade -371.30
USD Million
-461 -454 -448 -443 -394
Exports 222.20
USD Million
242 238 236 233 206
Imports 593.60
USD Million
712 695 688 682 623
Current Account -130.61
USD Million
-233 -303 -255 -352 -285
Current Account to GDP -13.30
percent
-11 -11 -13.19 -11 -9
Terrorism Index 2.11
2.26 2.51 2.75 2.99 3.75
Remittances 367073.00
USD Thousands
331905 332271 339623 281000 295000
Foreign Direct Investment 594.50
USD Million
439 389 382 360 309
Capital Flows 200.00
USD Million
277 297 280 290 293
Crude Oil Production 0.40
BBL/D/1K
0.72 0.78 0.84 0.89 1.24
External Debt 16712.72
USD Million
17258 17421 17535 17608 17042
GOVERNMENT Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Government Debt to GDP 43.90
percent
44.4 44.4 40.52 44.4 43.3
Government Budget -4.00
percent of GDP
-3.6 -3.6 -3.6 -3.6 -3.2
Government Spending 1656.40
GEL Million
1540 1544 1575 1618 1553
Government Revenues 887.40
GEL Million
855 840 828 820 744
Fiscal Expenditure 1206.80
GEL Million
918 904 881 872 771
Military Expenditure 314.60
USD Million
318 314 310 307 287
Government Budget Value 118.40
GEL Million
45.05 11.79 22.32 15 16.96
BUSINESS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Industrial Production 21.80
percent
21.13 20.74 18.81 16.06 17.38
Manufacturing Production 0.90
percent
0.51 -0.29 0.87 7.6 13.4
Changes in Inventories 139.30
GEL Million
97.68 151 132 149 125
Leading Economic Index 4.70
percent
3.83 3.66 3.65 3.9 4.2
Internet Speed 8774.17
KBps
8573 8418 8341 8298 7626
IP Addresses 508938.00
IP
499238 497743 494807 492151 458977
Mining Production 0.00
percent
-2.75 1.43 7.45 18.7 22
Competitiveness Index 4.28
Points
4.32 4.32 4.32 4.32 4.13
Competitiveness Rank 67.00
61 61 61 61 70
Business Confidence 28.00
Index Points
20.93 20.33 17.83 20.4 21.5
Ease of Doing Business 9.00
10 11 11 12 14
Corruption Index 57.00
Points
53 54 56 57 53
Corruption Rank 44.00
49 49 48 48 66
CONSUMER Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Retail Sales YoY 17.10
percent
20.04 21.44 22.39 22.92 20.3
Consumer Spending 5384.00
GEL Million
5663 5546 5488 5516 5487
Consumer Confidence -18.80
Index Points
-18.93 -18.85 -18.8 -18.76 -18.61
TAXES Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Corporate Tax Rate 15.00
percent
15 15 15 15 16
Personal Income Tax Rate 20.00
percent
19 19 19 19 19
Sales Tax Rate 18.00
percent
18 18 18 18 18
CLIMATE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Precipitation 60.97
mm
59.23 99.7 78.86 68.65 78.32
Temperature -3.49
celsius
-0.85 11.68 17.32 4.3 8.3