Economy of Georgia (country)
TBC Bank in Tbilisi
|
|
| Currency | Georgian lari (GEL) 1₾ = 100 tetri |
|---|---|
| 1 January - 31 December | |
|
Trade organisations
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WTO, GUAM, BSEC and others |
| Statistics | |
| GDP |
$36.8 billion (est. 2016, PPP) |
|
GDP growth
|
 2.8% (2015) 6.2% (2012) 7.0% (2011) 5.7% (2003-2011 average) |
|
GDP per capita
|
$9,891 (est. 2016, PPP) |
|
GDP by sector
|
Industry – 24.6%; Trade – 12.4%; Construction - 11.3%; Transport & Communication - 9.5%; Agriculture - 8.1%; Other activities - 34.1% (2015) |
| -0.6% | |
|
Population below poverty line
|
11.49% (2013) |
| 40.0 (2013) | |
|
Labour force
|
1.959 million (2011) |
|
Labour force by occupation
|
Agriculture: 52,2%; Services: 41.3%; Industry: 6.5% (2011) |
| Unemployment | 12.4% (2014) |
|
Main industries
|
Manufacturing (Manufacture of food products, beverages and tobacco products), Electricity, Gas and Water supply, Mining and Quarrying, steel, Electrical appliances, Chemicals, Wood products, Wine |
| 16th (2017) | |
| External | |
| Exports | $3.305 billion (2012 est.) |
|
Export goods
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Motor cars, Ferro-alloys, Mineral or chemical fertilizers, Nut, Ferrous, Gold, Copper ores, Spirituous beverages, Wine of fresh grapes |
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Main export partners
|
 Azerbaijan 10.9% Bulgaria 9.7% Turkey 8.4% Armenia 8.2% Russia 7.4% China 5.7% United States 4.9% Uzbekistan 4.4 % (2015) |
| Imports | $6.628 billion (2012 est.) |
|
Import goods
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petroleum oils, Motor cars, Gases, Medicament, Wheat, Telephones, Sugar, Cigarettes, Automatic data processing machines |
|
Main import partners
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Turkey 17.2% Russia 8.1% China 7.6% Azerbaijan 7% Ireland 5.9% Ukraine 5.9% Germany 5.6% (2015) |
|
FDI stock
|
$980.6 million (2011 preliminary) |
|
Gross external debt
|
$13.36 billion (31 December 2012) |
| Public finances | |
| 29.0% of GDP (2011) | |
| Revenues | $6.870 billion (2011) |
| Expenses | $7.081 billion (2011) |
| Economic aid | ODA $626.0 million USD (2010[update]) |
|
Standard & Poor's: BB- (Domestic) BB- (Foreign) BB (T&C Assessment) Outlook: Stable Moody's: Ba3 Outlook: Stable Fitch: BB- Outlook: Stable |
|
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Foreign reserves
|
US$2.818 billion (2011) |
$36.8 billion (est. 2016, PPP)
The economy of Georgia is an emerging free market. Its gross domestic product fell sharply following the collapse of the Soviet Union but recovered in the mid-2000s, growing in double digits thanks to the economic and democratic reforms brought by the peaceful Rose Revolution. Georgia continued its economic progress since, "moving from a near-failed state in 2003 to a relatively well-functioning market economy in 2014". In 2007, the World Bank named Georgia the World's number one economic reformer, and has consistently ranked the country at the top of its ease of doing business index.
Georgia's economy is supported by a relatively free and transparent atmosphere in the country. According to Transparency International's 2015 report, Georgia is the least corrupt nation in the Black Sea region, outperforming all of its immediate neighbors, as well as nearby European Union states. With a mixed news media environment, Georgia is also the only country in its immediate neighborhood where the press is not deemed unfree.
Since 2014, Georgia is part of the European Union's Free Trade Area, with the EU continuing to be the country's largest trading partner, accounting for over a quarter of Georgia's total trade turnover. Following the EU trade pact, 2015 was marked by further increase in bilateral trade, whereas trade with the Commonwealth of Independent States (CIS) decreased precipitously.
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Wikipedia