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 Q3/17 Q4/17 Q1/18 Q2/18 2020
Unemployment Rate 11.80 11.2 11.2 10.9 10.9 10 percent [+]
Inflation Rate 5.70 6.7 6.6 4.1 3.9 3.7 percent [+]
Interest Rate 7.00 7 7 7 7 6 percent [+]
Balance of Trade -463.60 -415 -417 -415 -415 -415 USD Million [+]
Government Debt to GDP 43.90 44.2 44.2 44.4 44.4 43.3 percent [+]
MARKETS Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Currency 2.47 2.39 2.36 2.34 2.31 2.05 [+]
GDP Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
GDP Annual Growth Rate 4.70 4.5 4.2 5.3 4.6 4.9 percent [+]
GDP 14.32 15.7 16 14.84 14.72 21 USD Billion [+]
GDP Constant Prices 6835.50 6172 6385 6148 6157 6156 GEL Million [+]
Gross Fixed Capital Formation 2210.90 2845 3223 2402 2718 3088 GEL Million [+]
GDP per capita 4079.80 4122 4156 4163 4169 4191 USD [+]
GDP per capita PPP 9267.30 9347 9408 9432 9455 9561 USD [+]
Gross National Product 7810.30 8087 8600 8089 8597 8586 GEL Million [+]
GDP From Agriculture 465.40 450 499 376 462 490 GEL Million [+]
GDP From Construction 450.80 522 476 420 439 472 GEL Million [+]
GDP From Manufacturing 578.20 629 740 593 612 735 GEL Million [+]
GDP From Mining 63.60 51.44 70.04 60.19 61.69 67.05 GEL Million [+]
GDP From Public Administration 810.40 474 689 474 688 686 GEL Million [+]
GDP From Services 351.20 350 355 353 354 354 GEL Million [+]
GDP From Transport 471.00 470 482 462 458 479 GEL Million [+]
GDP From Utilities 141.30 142 202 164 147 202 GEL Million [+]
LABOUR Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Unemployment Rate 11.80 11.2 11.2 10.9 10.9 10 percent [+]
Employed Persons 631.30 628 634 627 626 597 Thousand [+]
Unemployed Persons 235.10 219 209 205 201 187 Thousand [+]
Labor Force Participation Rate 67.50 67.26 67.43 67.36 67.3 66.21 percent [+]
Wages 1071.13 990 1046 990 1045 1044 GEL/Month [+]
Population 3.72 3.7 3.7 3.71 3.71 3.78 Million [+]
Wages In Manufacturing 882.00 851 904 815 856 896 GEL [+]
Youth Unemployment Rate 30.00 28 28 27 27 25 percent [+]
Retirement Age Men 65.00 65 65 65 65 65 [+]
Retirement Age Women 60.00 60 60 60 60 60 [+]
PRICES Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Inflation Rate 5.70 6.7 6.6 4.1 3.9 3.7 percent [+]
Consumer Price Index CPI 122.80 123 123 123 122 121 Index Points [+]
GDP Deflator 105.80 106 106 105 105 105 Index Points [+]
Inflation Rate Mom 0.20 0.48 0.44 0.4 0.4 0.4 percent [+]
Producer Prices 135.80 135 135 135 135 135 Index Points [+]
Producer Prices Change 11.50 10.93 11 11.02 11.02 11.03 percent [+]
Food Inflation 6.20 6.15 6.26 6.26 6.26 6.26 percent [+]
CPI Transportation 111.91 114 114 114 114 114 Index Points [+]
Export Prices 99.60 98.79 99.67 99.22 99.43 99.39 Index Points [+]
Import Prices 98.60 98.48 95.9 94.56 96.59 99.58 Index Points [+]
MONEY Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Interest Rate 7.00 7 7 7 7 6 percent [+]
Money Supply M0 2466816.49 2502135 2524855 2531088 2532201 2532563 GEL Thousands [+]
Deposit Interest Rate 9.90 7.77 7.88 8.1 8.31 8.2 percent [+]
Money Supply M1 5497354.78 5584222 5662767 5686976 5692013 5694537 GEL Thousands [+]
Money Supply M2 7256605.08 7461492 7702649 7817374 7867167 7913448 GEL Thousands [+]
Money Supply M3 15785246.68 16040774 16409467 16788864 17164837 20817735 GEL Thousands [+]
Foreign Exchange Reserves 2532046.00 2425375 2412868 2408717 2410355 2412106 GEL Thousands [+]
TRADE Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Balance of Trade -463.60 -415 -417 -415 -415 -415 USD Million [+]
Exports 236.10 214 213 213 213 213 USD Million [+]
Imports 699.70 635 634 634 634 634 USD Million [+]
Current Account -401.08 -401 -555 -389 -566 -559 USD Million [+]
Current Account to GDP -13.30 -12.5 -12.5 -11 -11 -9 percent [+]
Remittances 338896.00 318230 272000 306452 314968 295000 USD Thousands [+]
Foreign Direct Investment 403.30 393 374 398 376 383 USD Million [+]
Capital Flows 422.40 462 502 473 490 478 USD Million [+]
Crude Oil Production 0.40 0.4 0.4 0.4 0.4 0.4 BBL/D/1K [+]
External Debt 15642.87 16035 16241 16438 16628 18481 USD Million [+]
Terrorism Index 1.26 1.84 1.61 1.69 1.76 2.49 [+]
GOVERNMENT Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Government Debt to GDP 43.90 44.2 44.2 44.4 44.4 43.3 percent [+]
Government Budget -4.00 -4.1 -4.1 -3.6 -3.6 -3.2 percent of GDP [+]
Government Spending 1385.60 2886 2055 1839 3181 2534 GEL Million [+]
Government Revenues 832.50 760 793 793 791 791 GEL Million [+]
Fiscal Expenditure 783.30 763 763 761 762 762 GEL Million [+]
Military Expenditure 314.60 306 291 293 295 310 USD Million [+]
Government Budget Value -72.50 55.01 -7.57 29.05 8.91 15.53 GEL Million [+]
BUSINESS Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Industrial Production 17.50 6.8 22.07 14.87 17.17 15.62 percent [+]
Manufacturing Production 19.10 20.18 6.1 21.14 20.29 13.4 percent [+]
Changes in Inventories -2.20 23.05 90.35 20.04 69.95 56.36 GEL Million [+]
Leading Economic Index 3.80 3.7 4.5 3.63 3.64 4.2 percent [+]
Mining Production -4.80 -10.61 21.2 1.12 8.59 22 percent [+]
Competitiveness Index 4.32 4.26 4.26 4.34 4.37 4.48 Points [+]
Competitiveness Rank 59.00 65 65 55 52 50 [+]
Business Confidence 17.50 8.84 6.02 13 13.69 3.08 [+]
Ease of Doing Business 16.00 11 11 12 12 17 [+]
Corruption Index 57.00 57 58 59 59 62 Points [+]
Corruption Rank 44.00 45 45 46 46 46 [+]
CONSUMER Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Retail Sales YoY 14.00 14.69 15.64 16.87 18.5 20.67 percent [+]
Consumer Spending 5809.60 5348 6079 5902 5672 5886 GEL Million [+]
Consumer Confidence -25.10 -26.62 -25.86 -26.07 -26.03 -26.03 [+]
TAXES Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Corporate Tax Rate 15.00 15 15 15 15 15 percent [+]
Personal Income Tax Rate 20.00 19.74 19.76 19.74 19.72 19.73 percent [+]
Sales Tax Rate 18.00 18 18 18 18 18 percent [+]