| People | Georgia |
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Economy - overview:
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Georgia's economy has sustained robust GDP growth of close to 10% in 2006 and 12% in 2007, based on strong inflows of foreign investment and robust government spending. However, a widening trade deficit and higher inflation are emerging risks to the economy. Areas of recent improvement include increasing foreign direct investment as well as growth in the construction, banking services and mining sectors. Georgia's main economic activities include the cultivation of agricultural products such as grapes, citrus fruits, and hazelnuts; mining of manganese and copper; and output of a small industrial sector producing alcoholic and nonalcoholic beverages, metals, machinery, aircraft and chemicals. The country imports nearly all its needed supplies of natural gas and oil products. It has sizeable hydropower capacity, a growing component of its energy supplies. Despite the severe damage the economy suffered due to civil strife in the 1990s, Georgia, with the help of the IMF and World Bank, has made substantial economic gains since 2000, achieving positive GDP growth and curtailing inflation. Georgia's GDP growth neared 10% in 2006 and 2007 despite restrictions on commerce with Russia. Areas of recent improvement include increased foreign direct investment as well as growth in the construction, banking services, and mining sectors. In addition, the reinvigorated privatization process has met with success. However, a widening trade deficit and higher inflation are emerging risks to the economy. Georgia has suffered from a chronic failure to collect tax revenues; however, the new government is making progress and has reformed the tax code, improved tax administration, increased tax enforcement, and cracked down on corruption. Government revenues have increased nearly four fold since 2003. Due to improvements in customs and financial (tax) enforcement, smuggling is a declining problem. Georgia has overcome the chronic energy shortages of the past by renovating hydropower plants and by bringing newly available natural gas supplies from Azerbaijan. It also has an increased ability to pay for more expensive gas imports from Russia. The country is pinning its hopes for long-term growth on a determined effort to reduce regulation, taxes and corruption in order to attract foreign investment. The construction on the Baku-T'bilisi-Ceyhan oil pipeline, the Baku-T'bilisi-Erzerum gas pipeline, and the Kars-Akhalkalaki Railroad are part of a strategy to capitalize on Georgia's strategic location between Europe and Asia and develop its role as a transit point for gas, oil and other goods. |
GDP (purchasing power parity):
|
$19.65 billion (2007 est.) |
GDP (official exchange rate):
|
$9.553 billion (2007 est.) |
GDP - real growth rate:
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12% (2007 est.) |
GDP - per capita (PPP):
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$4,200 (2007 est.) |
GDP - composition by sector:
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agriculture: 12.3%
industry: 29.7%
services: 58% (2007 est.) |
Investment (gross fixed):
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26.7% of GDP (2007 est.) |
Population below poverty line:
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31% (2006) |
Household income or consumption by percentage share:
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lowest 10%: 2.4%
highest 10%: 27% (2005) |
Distribution of family income - Gini index:
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40.4 (2003) |
Inflation rate (consumer prices):
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11% (2007 est.) |
Labor force:
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2.02 million (2007 est.) |
Labor force participation rate:
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43.62 % of population |
Labor force - by occupation:
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agriculture: 55.6%
industry: 8.9%
services: 35.5% (2006 est.) |
Unemployment rate:
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13.6% (2006 est.) |
Budget:
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revenues: $3.68 billion
expenditures: $3.006 billion (2007 est.) |
Budget revenues per capita:
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795 USD per capita |
Public debt:
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void |
Industries:
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steel, aircraft, machine tools, electrical appliances, mining (manganese and copper), chemicals, wood products, wine |
Industrial production growth rate:
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12% (2007 est.) |
Electricity - production:
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8.338 billion kWh (2007) |
Electricity - production per capita:
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1,801 kWh per capita |
Electricity - consumption:
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8.146 billion kWh (2007) |
Electricity - consumption - per capita:
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1,760 kWh per capita |
Electricity - exports:
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625 million kWh (2007) |
Electricity - imports:
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433 million kWh (2007) |
Oil - production:
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1,979 bbl/day (2005 est.) |
Oil - production per capita:
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428 bbl/day per capita |
Oil - consumption:
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13,400 bbl/day (2005 est.) |
Oil - consumption - per capita:
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1.06 bbl/year per capita |
Oil - exports:
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2,400 bbl/day (2004) |
Oil - imports:
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13,530 bbl/day (2004) |
Oil - proved reserves:
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35 million bbl (1 January 2006 est.) |
Natural gas - production:
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14.39 million cu m (2005 est.) |
Natural gas - production per capita:
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4 cu m per capita |
Natural gas - consumption:
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1.8 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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389 cu m per capita |
Natural gas - exports:
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0 cu m (2005) |
Natural gas - imports:
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1.264 billion cu m (2005) |
Natural gas - proved reserves:
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8.147 billion cu m (1 January 2006 est.) |
Agriculture - products:
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citrus, grapes, tea, hazelnuts, vegetables; livestock |
Current account balance:
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-$1.582 billion (2007 est.) |
Current account balance - per capita:
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-341 USD per capita |
Exports:
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$1.24 billion (2007 est.) |
Exports per capita:
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268 USD per capita |
Exports - commodities:
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scrap metal, wine, mineral water, ores, vehicles, fruits and nuts |
Exports - partners:
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Turkey 12.7%, Azerbaijan 9.4%, Russia 7.7%, Armenia 7.5%, Turkmenistan 7.3%, Bulgaria 6.4%, US 6%, Ukraine 5.8%, Canada 5%, Germany 4.6% (2006) |
Imports:
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$5.2 billion (2007 est.) |
Imports per capita:
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1,123 USD per capita |
Imports - commodities:
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fuels, vehicles, machinery and parts, grain and other foods, pharmaceuticals |
Imports - partners:
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Russia 15.2%, Turkey 14.2%, Germany 9.5%, Ukraine 8.7%, Azerbaijan 8.7% (2006) |
Reserves of foreign exchange and gold:
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$1.3 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
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281 USD per capita |
Debt - external:
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$4.5 billion (2007) |
Debt - external - per capita:
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972 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - abroad:
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void |
Market value of publicly traded shares:
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$1.39 billion (2007) |
Economic aid - donor:
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void |
Economic aid - recipient:
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ODA, $309.8 million (2005 est.) |
Economic aid - recipient per capita:
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67 USD per capita |
Currency (code):
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lari (GEL) |
Exchange rates:
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lari per US dollar - 1.7 (2007), 1.78 (2006), 1.8127 (2005), 1.9167 (2004), 2.1457 (2003) |
Fiscal year:
|
calendar year |
|
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