Georgia - Economic Forecasts - 2018-2020 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 Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 13.90 13.8 13.8 13.7 13.7 13.5 percent
Inflation Rate 3.10 2.8 3 3 3 3.1 percent
Interest Rate 7.00 7 7 7 6.5 6 percent
Balance of Trade -486.50 -478 -482 -479 -490 -485 USD Million
Government Debt to GDP 43.90 44.4 44.4 44 44 43.3 percent
MARKETS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Currency 2.60
 2.57 2.59 2.61 2.63 2.71
GDP Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Annual Growth Rate 5.50
percent		 4.5 5 4.9 5.3 4.4
GDP 15.16
USD Billion		 15.9 15.9 20 20 21
GDP Constant Prices 7239.60
GEL Million		 7574 8555 6633 7623 9333
Gross Fixed Capital Formation 2458.80
GEL Million		 2939 3696 2579 2772 4033
GDP per capita 4290.17
USD		 4416 4416 4554 4554 4678
GDP per capita PPP 9745.10
USD		 9894 9894 10045 10045 10127
Gross National Product 8712.90
GEL Million		 9485 10798 9140 9067 11780
GDP From Agriculture 456.40
GEL Million		 475 503 362 481 549
GDP From Construction 415.10
GEL Million		 599 561 385 437 612
GDP From Manufacturing 624.70
GEL Million		 644 787 651 658 858
GDP From Mining 72.50
GEL Million		 55.52 78.65 70.39 76.34 85.8
GDP From Public Administration 833.00
GEL Million		 701 880 523 877 961
GDP From Services 391.60
GEL Million		 391 494 343 412 539
GDP From Transport 507.30
GEL Million		 483 537 472 534 586
GDP From Utilities 145.20
GEL Million		 145 221 187 153 241
LABOUR Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 13.90
percent		 13.8 13.8 13.7 13.7 13.5
Employed Persons 656.50
Thousand 		641 643 623 625 658
Unemployed Persons 276.40
Thousand		 272 272 265 265 262
Labor Force Participation Rate 65.80
percent		 66.4 66.4 66.8 66.8 65.9
Wages 1059.22
GEL/Month		 1160 1250 1210 1116 1400
Population 3.73
Million		 3.73 3.73 3.71 3.71 3.74
Wages In Manufacturing 885.00
GEL		 960 980 924 962 1200
Youth Unemployment Rate 27.10
percent		 27 27 26 26 25
Retirement Age Men 65.00
 65 65 65 65 65
Retirement Age Women 60.00
 60 60 60 60 60
PRICES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Inflation Rate 3.10
percent		 2.8 3 3 3 3.1
Consumer Price Index CPI 126.70
Index Points		 127 131 131 130 139
GDP Deflator 104.30
Index Points		 104 104 104 105 105
Import Prices 99.20
Index Points		 101 102 99.82 99.1 100
Producer Prices 144.90
Index Points		 145 154 155 152 177
Producer Prices Change 6.60
percent		 4.9 6 7.3 6.1 8.2
Inflation Rate Mom 0.50
percent		 0.3 0.2 0.4 0.1 0.5
Food Inflation 3.20
percent		 2.5 2.7 2.3 2.1 2.5
Cpi Housing Utilities 100.26
Index Points		 103 104 102 103 110
CPI Transportation 100.16
Index Points		 118 121 105 104 129
Export Prices 97.70
Index Points		 103 100 99.11 98.7 100
MONEY Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Interest Rate 7.00
percent		 7 7 7 6.5 6
Money Supply M0 2603625.62
GEL Thousands		 2624891 2638764 2641929 2642460 2642597
Deposit Interest Rate 9.65
percent		 9.65 9.65 9.65 9.15 8.65
Money Supply M1 5711468.20
GEL Thousands		 5739997 5754253 5757187 5757770 5757917
Money Supply M2 8669388.64
GEL Thousands		 8805284 8936916 9010183 9050966 9102118
Money Supply M3 18177750.88
GEL Thousands		 18452361 18875398 19290677 19704354 23726721
Foreign Exchange Reserves 2531405.00
GEL Thousands		 2516480 2515811 2517555 2518546 2518673
TRADE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Balance of Trade -486.50
USD Million		 -478 -482 -479 -490 -485
Exports 275.60
USD Million		 290 299 302 305 342
Imports 762.10
USD Million		 768 781 781 795 827
Current Account -435.30
USD Million		 -418 -382 -386 -566 -560
Current Account to GDP -13.30
percent		 -11 -11 -10 -10 -9
Terrorism Index 2.11
 2.15 2.15 2.19 2.19 2.3
Remittances 389221.00
USD Thousands		 360000 363000 349000 351000 379000
Foreign Direct Investment 279.30
USD Million		 371 409 523 373 376
Capital Flows 411.70
USD Million		 402 451 450 442 438
Crude Oil Production 0.40
BBL/D/1K		 0.4 0.4 0.4 0.4 0.4
External Debt 17466.75
USD Million		 17700 17950 18100 18230 20500
GOVERNMENT Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Government Debt to GDP 43.90
percent		 44.4 44.4 44 44 43.3
Government Budget -4.00
percent of GDP		 -3.6 -3.6 -3 -3 -3.2
Government Spending 1518.30
GEL Million		 1694 2026 1593 1606 2210
Government Revenues 758.30
GEL Million		 818 835 837 857 913
Fiscal Expenditure 917.80
GEL Million		 759 758 731 725 744
Military Expenditure 331.52
USD Million		 326 326 324 324 333
Government Budget Value -6.50
GEL Million		 58.6 77 106 132 169
BUSINESS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Industrial Production 16.20
percent		 11.8 15.9 14.1 12.7 14.5
Manufacturing Production 15.10
percent		 10.8 7.6 6.89 6.1 13.4
Changes in Inventories 383.60
GEL Million		 285 439 327 314 414
Leading Economic Index 4.60
percent		 4.2 3.9 3.85 3.85 4.2
Internet Speed 8774.17
KBps		 9692 9920 10154 10343 12083
IP Addresses 508938.00
IP		 526370 528599 532688 535458 565410
Mining Production 30.60
percent		 32.25 18.7 6.3 9.8 22
Competitiveness Index 4.28
Points		 4.28 4.28 4.25 4.25 4.17
Competitiveness Rank 67.00
 67 67 68 68 70
Business Confidence 28.00
Index Points		 25.5 21.7 22.5 24.4 32
Ease of Doing Business 9.00
 14 14 15 15 16
Corruption Index 56.00
Points		 55 55 54 54 53
Corruption Rank 46.00
 47 47 48 48 50
CONSUMER Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Retail Sales YoY 16.40
percent		 15.8 15.3 15.1 14.8 16.4
Consumer Spending 6062.90
GEL Million		 5505 6786 6360 5636 7404
Consumer Confidence -19.00
Index Points		 -18.9 -18.7 -18.5 -18.6 -18.5
TAXES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Corporate Tax Rate 15.00
percent		 15 15 15 15 15
Personal Income Tax Rate 20.00
percent		 20 20 20 20 20
Sales Tax Rate 18.00
percent		 18 18 18 18 18
CLIMATE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Precipitation 60.97
mm		 78.86 68.65 59.35 77.44 78.32
Temperature -3.49
celsius		 17.32 4.3 -0.85 16.1 8.3