City next to a river in Georgia

Georgia Economic Data & Projections

Georgia's Macroeconomic Analysis:

Nominal GDP of USD 24.8 billion in 2022.

Nominal GDP of USD 30.6 billion in 2023.

GDP per capita of USD 8,185 compared to the global average of USD 10,589.

GDP per capita of USD 6,733 compared to the global average of USD 10,589.

Average real GDP growth of 4.5% over the last decade.

Average real GDP growth of 5% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 72% of overall GDP, manufacturing 10%, other industrial activity 12%, and agriculture 6%. Looking at GDP by expenditure, private consumption accounted for 80% of GDP in 2021, government consumption 14%, fixed investment 22%, and net exports -16%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2021, manufactured products made up 33% of total merchandise exports, mineral fuels 1%, food 30%, ores and metals 32% and agricultural raw materials 1%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 64% of total merchandise imports, mineral fuels 13%, food 13%, ores and metals 8% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 8 billion in 2022, while total imports were USD 13 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 4.5% in the decade to 2022. To read more about GDP growth in Georgia, go to our dedicated page.

Fiscal policy

Georgia's fiscal deficit averaged 2.5% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 21.3% in the decade to 2022. For more information on Georgia's unemployment click here.

Inflation

Inflation averaged 4.4% in the decade to 2022. Go to our Georgia inflation page for extra insight.

Monetary Policy

Georgia's monetary policy rate ended 2022 at 11.00%, up from 5.25% a decade earlier. See our Georgia monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the lari weakened by 37% vs the U.S. dollar. For more info on the lari, click here.

Economic situation in Georgia

Our panel has penciled in a slowdown in annual GDP growth in Q3, but available data suggests upside risks to the forecast: Economic output jumped by 11.1% year on year in Q3 (Q2: +9.5% yoy), owing to robust activity in the construction, domestic trade, and information and communication sectors. Lower inflation in the quarter, paired with laxer borrowing conditions, likely buttressed domestic demand. On the external front, goods exports rebounded sharply in Q3. That said, the economic panorama has soured in early Q4: Evidence surfaced suggesting that the 26 October general election was marred by fraud, sparking a backlash both domestically and from international observers, disrupting activity and casting a shadow over the country’s relations with the EU and the U.S.; a further crackdown on civil rights is likely ahead.

Georgia Economic Forecasts

Projections out to 2034.

45 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 13 expert analysts.

Want to get insight on the economic outlook for Georgia in the coming years? FocusEconomics collects projections out to 2034 on 45 economic indicators for Georgia from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Georgia economy. To download a sample report on the Georgia's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Georgia Economic Indicators

2019 2020 2021 2022 2023
Population (million) 3.7 3.7 3.7 3.7 3.7
GDP (USD bn) 17.6 16.0 18.9 25.0 30.8
GDP per capita (USD) 4,739 4,307 5,062 6,788 8,250
GDP (EUR bn) 15.8 14.0 15.9 23.7 28.4
GDP per capita (EUR) 4,231 3,770 4,269 6,436 7,614
GDP (GEL bn) 49.7 49.8 60.7 72.9 80.9
Economic Growth (Nominal GDP, ann. var. %) 9.6 0.1 22.0 20.0 11.0
Economic Growth (GDP, ann. var. %) 5.4 -6.3 10.6 11.0 7.8
Unemployment (% of active population, aop) 17.6 18.5 20.6 17.3 16.4
Fiscal Balance (% of GDP) -1.8 -9.2 -6.0 -2.6 -2.3
Public Debt (% of GDP) 40.0 59.6 49.1 39.2 39.2
Inflation (CPI, ann. var. %, aop) 4.9 5.2 9.6 11.9 2.5
Refinancing Rate (%, eop) 9.00 8.00 10.50 11.00 9.50
Exchange Rate (GEL per USD, eop) 2.86 3.29 3.09 2.70 2.69
Exchange Rate (GEL per USD, aop) 2.82 3.11 3.22 2.91 2.62
Exchange Rate (GEL per EUR, eop) 3.21 4.02 3.51 2.88 2.97
Exchange Rate (GEL per EUR, aop) 3.15 3.55 3.80 3.06 2.84
Current Account Balance (USD bn) -1.1 -2.0 -1.9 -1.1 -1.7
Current Account Balance (% of GDP) -6.0 -12.4 -10.3 -4.4 -5.5
Merchandise Trade Balance (USD bn) -3.8 -3.2 -3.8 -5.1 -6.1
Merchandise Exports (USD bn) 4.9 4.3 5.5 7.5 8.1
Merchandise Imports (USD bn) 8.7 7.5 9.3 12.6 14.2
Merchandise Exports (ann. var. %) 12.2 -12.1 27.4 36.0 7.7
Merchandise Imports (ann. var. %) 2.5 -14.0 24.2 35.5 12.4
Foreign Direct Investment (USD bn) 1.4 0.6 1.3 2.1 1.6
International Reserves (USD bn) 3.5 3.9 4.3 4.9 5.0
International Reserves (months of imports) 4.8 6.2 5.5 4.7 4.2
External Debt (USD bn) 18.8 20.1 22.1 24.0 24.5
External Debt (% of GDP) 106.3 125.5 116.8 95.8 -
Free Sample Report

Interested in Georgia economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

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