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 12.00 10.8 10.8 10.8 10.5 10 percent [+]
Inflation Rate 5.40 7.3 6 5.3 2.6 3.7 percent [+]
Interest Rate 6.75 7 7 7 7 6 percent [+]
Balance of Trade -397.10 -362 -396 -402 -393 -394 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 2.43 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 2.80 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 12.00 10.8 10.8 10.8 10.5 10 percent [+]
Employed Persons 606.00 608 607 605 605 606 Thousand [+]
Unemployed Persons 241.60 250 253 256 250 229 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 3.73 3.79 3.84 3.81 3.85 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 5.40 7.3 6 5.3 2.6 3.7 percent [+]
Consumer Price Index CPI 124.10 124 125 125 125 125 Index Points [+]
GDP Deflator 104.70 105 106 105 105 105 Index Points [+]
Inflation Rate Mom -0.50 0.25 0.37 0.36 0.36 0.36 percent [+]
Producer Prices 135.70 137 137 137 137 137 Index Points [+]
Producer Prices Change 9.10 9.71 9.83 9.87 9.88 9.88 percent [+]
Food Inflation 5.40 5.23 5.15 5.22 5.17 5.19 percent [+]
Cpi Transportation 100.29 100 101 101 101 101 Index Points [+]
Export Prices 99.40 103 104 102 104 104 Index Points [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Interest Rate 6.75 7 7 7 7 6 percent [+]
Money Supply M0 2286466.68 2282887 2257845 2278110 2256919 2277289 GEL Thousands [+]
Deposit Interest Rate 9.90 7.66 7.77 7.88 8.1 8.2 percent [+]
Money Supply M1 4959138.73 4935838 4923149 4926660 4925284 4925541 GEL Thousands [+]
Money Supply M2 6423408.76 6428483 6369801 6427140 6370690 6422936 GEL Thousands [+]
Money Supply M3 15580104.22 16214677 16666006 17115289 17562468 22337170 GEL Thousands [+]
Foreign Exchange Reserves 2381117.00 2357804 2347086 2345866 2346717 2347483 GEL Thousands [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade -397.10 -362 -396 -402 -393 -394 USD Million [+]
Exports 220.80 202 200 200 200 200 USD Million [+]
Imports 618.40 587 581 580 580 581 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 621.10 739 752 757 756 755 GEL Million [+]
Fiscal Expenditure 675.10 707 737 749 747 745 GEL Million [+]
Military Expenditure 405.20 418 416 414 413 413 USD Million [+]
Government Budget Value 106.20 13.4 8.73 12.64 10.94 11.43 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 -26.70 -23.32 -24.14 -23.58 -23.78 -23.75 [+]
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 [+]