24, Apr 2015, EDT. Welcome to the Georgia economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Georgia › Change country
National or Regional Currency: Lari, GEL
Year of data: 2014 › Change year
Number of Indicators Listed: 38
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 4,935,880 (July 2014 est.)
Area: total: 69,700 sq km ; land: 69,700 sq km ; water: 0 sq km
Natural Resources: timber, hydropower, manganese deposits, iron ore, copper, minor coal and oil deposits; coastal climate and soils allow for important tea and citrus growth
Capital: name: Tbilisi ; geographic coordinates: 41 41 N, 44 50 E ; time difference: UTC+4 (9 hours ahead of Washington, DC, during Standard Time)
Georgia's main economic activities include cultivation of agricultural products such as grapes, citrus fruits, and hazelnuts; mining of manganese, copper, and gold; and producing alcoholic and nonalcoholic beverages, metals, machinery, and chemicals in small-scale industries. The country imports nearly all its needed supplies of natural gas and oil products. It has sizeable hydropower capacity that now provides most of its energy needs. 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. Construction of the Baku-T'bilisi-Ceyhan oil pipeline, the South Caucasus 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. The expansion of the South Caucasus pipeline, as part of the Shah Deniz II Southern Gas Corridor project, will result in a $2 billion foreign investment in Georgia, the largest ever in the country. Gas from Shah Deniz II is expected to begin flowing in 2019. 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 sunk to negative 4% in 2009 as foreign direct investment and workers' remittances declined in the wake of the global financial crisis. The economy rebounded in 2010-13, but FDI inflows, the engine of Georgian economic growth prior to the 2008 conflict, have not recovered fully. Unemployment has also remained high. Georgia has historically suffered from a chronic failure to collect tax revenues; however, since 2004 the government has simplified the tax code, improved tax administration, increased tax enforcement, and cracked down on petty corruption, leading to higher revenues. 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, with a focus on hydropower, agriculture, tourism, and textiles production. The government has received high marks from the World Bank for its anti-corruption efforts. Over the past year the Georgian Dream-led government continued the previous administration's low-regulation, low-tax, free market policies, while modestly increasing social spending, strengthening anti-trust policy, and amending the labor code to comply with International Labor Standards. The government is finalizing its 2020 Economic Development Strategy and has launched the Georgia Co-Investment Fund, a $6 billion private equity fund that will invest in tourism, agriculture, logistics, energy, infrastructure, and manufacturing.
More on the Georgia Economy
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GDP (Constant Prices, National Currency) for Georgia in year 2014 is GEL 13.579 Billion.
GDP (Current Prices, National Currency) for Georgia in year 2014 is GEL 29.191 Billion.
GDP (Current Prices, US Dollars) for Georgia in year 2014 is US$ 16.125 Billion.
GDP Deflator for Georgia in year 2014 is 214.971 (Index, Base Year as per country's accounts = 100).
GDP Per Capita (Current Prices, US Dollars) for Georgia in year 2014 is US$ 3,607.32 .
GDP (PPP), US Dollars for Georgia in year 2014 is US$ 34.265 Billion.
GDP Per Capita (PPP), US Dollars for Georgia in year 2014 is US$ 7,665.57 .
Investment (% of GDP) for Georgia in year 2014 is 25.949 %.
Inflation, Average Consumer Prices (Indexed to Year 2000) for Georgia in year 2014 is 271.871 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Georgia in year 2014 is 269.791 (Index, Base Year 2000 = 100).
Population for Georgia in year 2014 is 4.47 Million .
General government revenue (National Currency) for Georgia in year 2014 is GEL 7.909 Billions.
General government total expenditure (National Currency) for Georgia in year 2014 is GEL 8.753 Billions.
Total Government Net Lending/ Borrowing (National Currency) for Georgia in year 2014 is GEL -0.844 Billions.
General Government Structural Balance (National Currency) for Georgia in year 2014 is GEL -0.817 Billion.
Fiscal Year Gross Domestic Product, Current Prices for Georgia in year 2014 is GEL 29.191 Billions.
Current Account Balance (US Dollars) for Georgia in year 2014 is US$ -1.347 Billion.
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|Corruption Perceptions Index Rank and Score for Georgia|
Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International