Georgia | Economic Forecasts | 2017-2020 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 Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 11.80 10.8 10.8 10.8 10.5 10 percent [+]
Inflation Rate 6.10 7.3 6 5.3 2.6 3.7 percent [+]
Interest Rate 7.00 7 7 7 7 6 percent [+]
Balance of Trade -379.90 -369 -397 -403 -396 -396 USD Million [+]
Government Debt to GDP 43.90 44.2 44.2 44.2 44.4 43.3 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Currency 2.41 2.44 2.47 2.54 2.52 2.9 [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Annual Growth Rate 5.00 4.1 4.5 4.2 5.3 4.9 percent [+]
GDP 14.32 15.7 15.7 16 14.84 21 USD Billion [+]
GDP Constant Prices 7729.40 7489 7517 7630 7593 7610 GEL Million [+]
Gross Fixed Capital Formation 3228.00 2803 2987 3342 2778 3339 GEL Million [+]
GDP per capita 3969.10 4004 4007 4011 4017 4004 USD [+]
GDP per capita PPP 9015.90 9128 9131 9134 9140 9165 USD [+]
Gross National Product 8082.30 8602 8087 8600 8089 8586 GEL Million [+]
GDP From Agriculture 502.80 475 456 501 397 492 GEL Million [+]
GDP From Construction 463.10 396 501 459 346 445 GEL Million [+]
GDP From Manufacturing 729.00 600 630 741 597 737 GEL Million [+]
GDP From Mining 71.10 71.03 59.59 70.96 59.66 70.57 GEL Million [+]
GDP From Public Administration 815.10 815 617 814 617 812 GEL Million [+]
GDP From Services 445.00 378 374 375 375 375 GEL Million [+]
GDP From Transport 478.90 449 467 480 455 474 GEL Million [+]
GDP From Utilities 202.60 145 141 202 167 201 GEL Million [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 11.80 10.8 10.8 10.8 10.5 10 percent [+]
Employed Persons 606.00 608 607 605 605 606 Thousand [+]
Unemployed Persons 235.10 230 219 209 205 187 Thousand [+]
Labor Force Participation Rate 67.80 66.03 66.01 65.98 66.02 64.22 percent [+]
Wages 1065.92 1066 1012 1065 1012 1063 GEL/Month [+]
Population 3.72 3.66 3.62 3.59 3.65 3.78 Million [+]
Wages In Manufacturing 902.00 843 851 904 815 896 GEL [+]
Youth Unemployment Rate 32.00 31.8 31.13 30.46 30.9 32.46 percent [+]
Retirement Age Men 65.00 65 65 65 65 65 [+]
Retirement Age Women 60.00 60 60 60 60 60 [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 6.10 7.3 6 5.3 2.6 3.7 percent [+]
Consumer Price Index CPI 124.10 124 124 124 124 124 Index Points [+]
GDP Deflator 104.70 105 106 105 105 105 Index Points [+]
Inflation Rate Mom 0.10 0.25 0.37 0.37 0.37 0.37 percent [+]
Producer Prices 134.00 133 133 132 132 132 Index Points [+]
Producer Prices Change 9.00 9.18 9.21 9.22 9.22 9.22 percent [+]
Food Inflation 7.60 8.01 7.88 7.86 7.88 7.87 percent [+]
Cpi Transportation 116.75 106 104 103 102 101 Index Points [+]
Export Prices 99.30 104 99.31 102 101 101 Index Points [+]
Import Prices 99.50 99.92 100 100 100 100 Index Points [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Interest Rate 7.00 7 7 7 7 6 percent [+]
Money Supply M0 2230241.18 2221964 2192252 2212568 2190046 2211377 GEL Thousands [+]
Deposit Interest Rate 9.90 7.66 7.77 7.88 8.1 8.2 percent [+]
Money Supply M1 4934527.03 4957407 4948289 4951917 4950856 4951122 GEL Thousands [+]
Money Supply M2 6400054.16 6456324 6400936 6457871 6402729 6453920 GEL Thousands [+]
Money Supply M3 15132806.69 15597578 15967678 16342292 16714209 20673779 GEL Thousands [+]
Foreign Exchange Reserves 2229202.00 2243487 2235664 2235201 2235489 2235848 GEL Thousands [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade -379.90 -369 -397 -403 -396 -396 USD Million [+]
Exports 211.60 207 204 204 204 204 USD Million [+]
Imports 591.60 573 603 609 602 602 USD Million [+]
Current Account -701.88 -662 -521 -555 -533 -668 USD Million [+]
Current Account to GDP -12.60 -11.18 -11.08 -10.99 -11.27 -12.21 percent [+]
Remittances 319249.00 240000 318230 272000 306452 295000 USD Thousands [+]
Foreign Direct Investment 330.30 382 390 372 396 380 USD Million [+]
Capital Flows 590.20 550 479 514 488 489 USD Million [+]
Crude Oil Production 0.40 0.4 0.4 0.4 0.4 0.4 BBL/D/1K [+]
External Debt 15496.18 15824 16030 16236 16432 18463 USD Million [+]
Terrorism Index 1.26 2.06 1.84 1.61 1.69 2.49 [+]
GOVERNMENT Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Government Debt to GDP 43.90 44.2 44.2 44.2 44.4 43.3 percent [+]
Government Budget -3.70 -2.8 -2.77 -2.8 -2.46 -3.15 percent of GDP [+]
Government Spending 1692.40 2095 2125 2134 2137 2138 GEL Million [+]
Government Revenues 1060.60 848 798 802 805 805 GEL Million [+]
Fiscal Expenditure 757.40 696 731 738 735 734 GEL Million [+]
Military Expenditure 405.20 418 416 414 413 413 USD Million [+]
Government Budget Value 303.20 -16.75 55.07 -1.9 24.6 13.47 GEL Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Industrial Production 9.10 9.93 6.8 11.49 11.28 10.84 percent [+]
Manufacturing Production 9.10 7.1 7.89 6.1 6.1 13.4 percent [+]
Changes in Inventories 158.80 203 128 161 164 163 GEL Million [+]
Leading Economic Index 5.30 3.6 3.63 4.5 3.57 4.2 percent [+]
Mining Production -1.80 29.32 -13.49 21.2 -15.7 22 percent [+]
Competitiveness Index 4.32 4.26 4.26 4.26 4.37 4.48 Points [+]
Competitiveness Rank 59.00 65 65 65 52 50 [+]
Business Confidence 17.50 4.81 8.84 6.02 13 3.08 [+]
Ease of Doing Business 16.00 12 11 11 12 17 [+]
Corruption Index 57.00 56 57 58 59 62 Points [+]
Corruption Rank 44.00 44 45 45 46 46 [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Retail Sales YoY 13.10 19.7 20.2 19.11 17.51 15.84 percent [+]
Consumer Spending 6073.70 5250 5179 5971 5555 5709 GEL Million [+]
Consumer Confidence -25.60 -25.02 -26.51 -26.29 -26.35 -26.33 [+]
TAXES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Corporate Tax Rate 15.00 15 15 15 15 15 percent [+]
Personal Income Tax Rate 20.00 19.72 19.74 19.76 19.74 19.73 percent [+]
Sales Tax Rate 18.00 18 18 18 18 18 percent [+]