| Economy | Georgia |
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Economy - overview:
|
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. Georgia has overcome the chronic energy shortages and gas supply interruptions of the past by renovating hydropower plants and by increasingly relying on natural gas imports from Azerbaijan instead of from Russia. 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. Georgia's economy sustained GDP growth of more than 10% in 2006-07, based on strong inflows of foreign investment and robust government spending. However, GDP growth slowed following the August 2008 conflict with Russia, and turned negative in 2009 as foreign direct investment and workers' remittances declined in the wake of the global financial crisis. The economy rebounded in 2010-11, with growth rates above 5% per year, but FDI inflows, the engine of Georgian economic growth prior to the 2008 conflict, have not recovered fully. Unemployment has also remained high at 16%. Georgia has historically suffered from a chronic failure to collect tax revenues; however, the government, since coming to power in 2004, has simplified the tax code, improved tax administration, increased tax enforcement, and cracked down on petty corruption. However, the economic downturn of 2008-09 eroded the tax base and led to a decline in the budget surplus and an increase in public borrowing needs. The country is pinning its hopes for renewed growth on a determined effort to continue to liberalize the economy by reducing regulation, taxes, and corruption in order to attract foreign investment, but the economy faces a more difficult investment climate both domestically and internationally. |
GDP (purchasing power parity):
|
$24.28 billion (2011 est.)
$22.95 billion (2010 est.)
$21.62 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$5,400 (2011 est.)
$5,200 (2010 est.)
$4,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$13.8 billion (2011 est.) |
GDP - real growth rate:
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5.5% (2011 est.)
6.4% (2010 est.)
-3.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 10%
industry: 29.4%
services: 60.6% (2011 est.) |
Investment (gross fixed):
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16.3% of GDP (2011 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%
highest 10%: 31.3% (2008) |
Distribution of family income - Gini index:
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40.8 (2009)
37.1 (1996) |
Inflation rate (consumer prices):
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10.3% (2011 est.)
7.1% (2010 est.) |
Central bank discount rate:
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8% (25 December 2008)
NA% (31 December 2007)
note: this is the Refinancing Rate, the key monetary policy rate of the Georgian National Bank |
Commercial bank prime lending rate:
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20.8% (31 December 2011 est.)
24.213% (31 December 2010 est.) |
Stock of money:
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$1.077 billion (31 December 2009)
$972.4 million (31 December 2008) |
Stock of money - per capita:
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235 USD per capita |
Stock of quasi money:
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$1.606 billion (31 December 2008)
$1.379 billion (31 December 2007) |
Stock of quasi money - per capita:
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351 USD per capita |
Stock of domestic credit:
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$1.529 billion (31 December 2011 est.)
$3.96 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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334 USD per capita |
Stock of narrow money:
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$1.344 billion (31 December 2011 est.)
$1.174 billion (31 December 2010 est.) |
Stock of broad money:
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$3.546 billion (31 December 2010 est.)
$2.755 billion (31 December 2009 est.) |
Labor force:
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1.918 million (2007 est.) |
Labor force participation rate:
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41.82 % 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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16.4% (2009 est.)
13.6% (2006 est.) |
Unemployment, youth ages 15-24:
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total: 35.5%
male: 32.4%
female: 40.7% (2008) |
Budget:
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revenues: $3.88 billion
expenditures: $4.409 billion (2011 est.) |
Budget revenues per capita:
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847 USD per capita |
Taxes and other revenues:
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28.1% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-3.8% of GDP (2011 est.) |
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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4% (2010 est.) |
Electricity - production:
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8.292 billion kWh (2008 est.) |
Electricity - production per capita:
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1,809 kWh per capita |
Electricity - consumption:
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7.08 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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1,544 kWh per capita |
Electricity - exports:
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675 million kWh (2008 est.) |
Electricity - imports:
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117 million kWh (2008 est.) |
Oil - production:
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983.8 bbl/day (2010 est.) |
Oil - production per capita:
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215 bbl/day per capita |
Oil - consumption:
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13,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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1.03 bbl/year per capita |
Oil - exports:
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444.9 bbl/day (2009 est.) |
Oil - imports:
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17,840 bbl/day (2009 est.) |
Oil - proved reserves:
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35 million bbl (1 January 2011 est.) |
Natural gas - production:
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10 million cu m (2009 est.) |
Natural gas - production per capita:
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3 cu m per capita |
Natural gas - consumption:
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1.71 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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373 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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1.7 billion cu m (2009 est.) |
Natural gas - proved reserves:
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8.495 billion cu m (1 January 2011 est.) |
Agriculture - products:
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citrus, grapes, tea, hazelnuts, vegetables; livestock |
Current account balance:
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-$1.414 billion (2011 est.)
-$1.247 billion (2010 est.) |
Current account balance - per capita:
|
-308 USD per capita |
Exports:
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$3.083 billion (2011 est.)
$2.46 billion (2010 est.) |
Exports per capita:
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673 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 14.1%, Azerbaijan 11.2%, Bulgaria 10%, US 9.8%, UK 9%, Canada 6.7%, Ukraine 6.1% (2010) |
Imports:
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$5.96 billion (2011 est.)
$5.027 billion (2010 est.) |
Imports per capita:
|
1,300 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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Turkey 15%, Ukraine 9.2%, Azerbaijan 8.5%, Russia 6.5%, Germany 6.1%, US 5.9%, China 5.4% (2010) |
Reserves of foreign exchange and gold:
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$3.183 billion (31 December 2011 est.)
$2.264 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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695 USD per capita |
Debt - external:
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$10.5 billion (30 June 2011)
$3.381 billion (31 December 2009) |
Debt - external - per capita:
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2,290 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - at home - per capita:
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void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
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void |
Market value of publicly traded shares:
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$1.06 billion (31 December 2010)
$733.3 million (31 December 2009)
$327.3 million (31 December 2008) |
Market value of publicly traded shares - per capita:
|
232 USD per capita |
Currency (code):
|
lari (GEL) |
Exchange rates:
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laris (GEL) per US dollar -
1.701 (2011 est.)
1.7823 (2010 est.)
1.6705 (2009)
1.47 (2008)
1.7 (2007) |
Fiscal year:
|
calendar year |
|
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