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 Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 13.90 13.8 13.7 13.7 13.7 13.5 percent
Inflation Rate 2.30 2.5 2.7 2.8 2.2 2.9 percent
Interest Rate 7.00 7 7 6.5 6.5 6 percent
Balance of Trade -565.00 -482 -479 -490 -493 -485 USD Million
Government Debt to GDP 44.90 44.4 44 44 44 43.3 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 2.69
 2.62 2.64 2.65 2.67 2.75
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Annual Growth Rate 5.50
percent		 5.6 4.9 5.3 5.1 4.4
GDP 15.16
USD Billion		 15.9 20 20 20 21
GDP Constant Prices 7239.60
GEL Million		 8603 6633 7623 7609 9386
Gross Fixed Capital Formation 3190.90
GEL Million		 3717 2579 3360 3354 4056
GDP per capita 4290.17
USD		 4416 4554 4554 4554 4678
GDP per capita PPP 9745.10
USD		 9894 10045 10045 10045 10127
Gross National Product 9537.90
GEL Million		 10860 9140 10043 10024 11848
GDP From Agriculture 456.40
GEL Million		 506 362 481 480 552
GDP From Construction 415.10
GEL Million		 564 385 437 436 616
GDP From Manufacturing 624.70
GEL Million		 791 651 658 657 863
GDP From Mining 72.50
GEL Million		 79.09 70.39 76.34 76.2 86.29
GDP From Public Administration 833.00
GEL Million		 885 523 877 875 966
GDP From Services 391.60
GEL Million		 497 343 412 412 542
GDP From Transport 507.30
GEL Million		 540 472 534 533 589
GDP From Utilities 145.20
GEL Million		 222 187 153 153 242
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 13.90
percent		 13.8 13.7 13.7 13.7 13.5
Employed Persons 656.50
Thousand 		643 623 625 631 658
Unemployed Persons 276.40
Thousand		 272 265 265 265 262
Labor Force Participation Rate 65.80
percent		 66.4 66.8 66.8 66.8 65.9
Wages 1103.52
GEL/Month		 1250 1210 1116 1060 1400
Population 3.73
Million		 3.73 3.71 3.71 3.71 3.74
Wages In Manufacturing 938.00
GEL		 980 924 962 974 1200
Youth Unemployment Rate 27.10
percent		 27 26 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 Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 2.30
percent		 2.5 2.7 2.8 2.2 2.9
Consumer Price Index CPI 127.50
Index Points		 130 131 130 130 138
GDP Deflator 104.60
Index Points		 104 104 105 105 105
Import Prices 102.80
Index Points		 102 101 99.1 101 100
Producer Prices 146.10
Index Points		 154 155 152 156 177
Producer Prices Change 5.50
percent		 6 7.3 6.1 6.5 8.2
Inflation Rate Mom 0.30
percent		 0.2 0.4 0.1 -0.2 0.5
Food Inflation 0.20
percent		 2.7 2.3 2.1 1.9 2.5
Cpi Housing Utilities 100.22
Index Points		 103 102 103 103 109
CPI Transportation 100.59
Index Points		 120 105 104 103 128
Export Prices 101.10
Index Points		 100 101 98.7 96.8 100
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 7.00
percent		 7 7 6.5 6.5 6
Money Supply M0 2806034.20
GEL Thousands		 2874035 2892574 2896707 2897700 2897994
Deposit Interest Rate 9.65
percent		 9.65 9.65 9.15 9.15 8.65
Money Supply M1 6140250.45
GEL Thousands		 6215814 6246180 6253229 6254917 6255437
Money Supply M2 8971264.06
GEL Thousands		 9148854 9283366 9357330 9400285 9457072
Money Supply M3 19504220.66
GEL Thousands		 19979061 20499518 21016964 21531895 26066905
Foreign Exchange Reserves 2792040.00
GEL Thousands		 2718707 2729151 2730970 2730843 2730323
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -565.00
USD Million		 -482 -479 -490 -493 -485
Exports 301.70
USD Million		 299 302 305 309 342
Imports 711.40
USD Million		 781 781 795 802 827
Current Account -382.00
USD Million		 -382 -386 -566 -395 -560
Current Account to GDP -8.70
percent		 -11 -10 -10 -10 -9
Terrorism Index 2.11
 2.15 2.19 2.19 2.19 2.3
Remittances 389221.00
USD Thousands		 363000 349000 351000 356000 379000
Foreign Direct Investment 389.20
USD Million		 409 523 373 384 376
Capital Flows 320.82
USD Million		 451 450 442 435 438
Crude Oil Production 0.40
BBL/D/1K		 0.4 0.4 0.4 0.4 0.4
External Debt 17410.96
USD Million		 17950 18100 18230 18510 20500
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 44.90
percent		 44.4 44 44 44 43.3
Government Budget -3.20
percent of GDP		 -3.6 -3 -3 -3 -3.2
Government Spending 1678.70
GEL Million		 2038 1593 1768 1764 2223
Government Revenues 916.90
GEL Million		 835 837 857 863 913
Fiscal Expenditure 755.40
GEL Million		 758 731 725 701 744
Military Expenditure 331.52
USD Million		 326 324 324 324 333
Government Budget Value -183.00
GEL Million		 77 106 132 162 169
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Industrial Production 16.20
percent		 15.9 14.1 12.7 13.9 14.5
Manufacturing Production 15.10
percent		 7.6 6.89 6.1 6.9 13.4
Changes in Inventories 447.10
GEL Million		 439 330 314 288 414
Leading Economic Index 5.60
percent		 3.9 3.9 3.81 3.85 4.2
Internet Speed 8774.17
KBps		 9920 10154 10343 10519 12083
IP Addresses 508938.00
IP		 528599 532688 535458 539040 565410
Mining Production 30.60
percent		 18.7 6.3 9.8 15.5 22
Competitiveness Index 60.88
Points		 61.38 61.38 61.38 61.38 63.88
Competitiveness Rank 66.00
 66 66 66 66 66
Business Confidence 31.40
Index Points		 21.7 22.5 24.4 27.6 32
Ease of Doing Business 6.00
 14 15 15 11 14
Corruption Index 56.00
Points		 56 56 56 56 56
Corruption Rank 46.00
 46 46 46 46 46
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Retail Sales YoY 16.40
percent		 15.3 15.1 14.8 15 16.4
Consumer Spending 5784.10
GEL Million		 6825 6360 6091 6079 7446
Consumer Confidence -15.20
Index Points		 -18.7 -18.5 -18.6 -18.8 -18.5
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 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 Q4/18 Q1/19 Q2/19 Q3/19 2020
Precipitation 60.97
mm		 68.65 59.35 77.44 77.44 78.32
Temperature -3.49
celsius		 4.3 -0.85 16.1 11.08 8.3



Georgia - Economic Forecasts - 2018-2020 Outlook