Notice: Undefined offset: 4 in /opt/rh/httpd24/root/var/www/vhosts/aricv7/modules/nova_country_profiles/overview.php on line 59
Georgia’s growth recovered strongly from the 6.8% contraction in 2020 to an estimated 10.6% growth in 2021. All major sectors did well with exceptions of construction and agriculture. On the supply side, services reversed its 8.1% contraction in 2020 to grow by 14.5%. Industry reversed a 6.6% drop in 2020 to expand by 6.2%. However, agriculture contracted by 2.5% due to pest damage and adverse weather. On the demand side, growth in consumption nearly doubled from 5.4% in 2020 to 9.0% as pandemic restrictions were lifted in the second half of the year. Growth is forecast to decline to 3.5% as the Russian Federation’s invasion of Ukraine slows trade and remittances. It is expected to recover somewhat to 5.0% in 2023 with some revival in demand—both domestic, fueled by faster credit growth, and external, with increased exports the result of structural reform to trade and connectivity.
|Headline Inflation Rate 1||10.6 (Oct22)||11.5||12.8|
|Industrial/ Manufacturing Production Growth Rate 1||11.8 (Jun22)||31.1||0.0|
|Merchandise Export Growth 1||9.2 (Oct22)||9.2||40.0|
|Exchange Rate Index 2||154.4 (Oct22)||158.0||174.5|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
|Source: CEIC database.|
Initiatives / FTAs
ADB Working Paper Series0 items
on Regional Economic
Studies and Research