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Georgia Economy 2010
http://www.workmall.com/wfb2010/georgia/georgia_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

Economy - overview:
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 to 2% in 2008 following the August 2008 conflict with Russia, and the economy contracted by nearly 5% in 2009 as foreign direct investment and workers' remittances declined in the wake of the global recession. 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. Areas of recent improvement include growth in the construction, banking services, and mining sectors, but reduced availability of external investment and the slowing regional economy are emerging risks. 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 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 current economic downturn has eroded the tax base and led to a sharp increase in the budget deficit and 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):
$20.75 billion (2009 est.)

$21.82 billion (2008 est.)
$21.37 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$10.98 billion (2009 est.)

GDP - real growth rate:
-4.9% (2009 est.)

2.1% (2008 est.)
12.3% (2007 est.)

GDP - per capita (PPP):
$4,500 (2009 est.)

$4,700 (2008 est.)
$4,600 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 12.1%
industry: 25.9%
services: 62% (2009 est.)

Labor force:
2.317 million (2007 est.)

Labor force - by occupation:
agriculture: 55.6%
industry: 8.9%
services: 35.5% (2006 est.)

Unemployment rate:
13.6% (2006 est.)

Population below poverty line:
31% (2006)

Household income or consumption by percentage share:
lowest 10%: 2.4%
highest 10%: 27% (2005)

Distribution of family income - Gini index:
40.8 (2005)

37.1 (1996)

Investment (gross fixed):
22.3% of GDP (2009 est.)

Budget:
revenues: $3.756 billion
expenditures: $4.726 billion (2009 est.)

Inflation rate (consumer prices):
1% (2009 est.)

10% (2008 est.)

Central bank discount rate:
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:
21.24% (31 December 2008)

20.41% (31 December 2007)

Stock of money:
$972.4 million (31 December 2008)

$1.154 billion (31 December 2007)

Stock of quasi money:
$1.606 billion (31 December 2008)

$1.379 billion (31 December 2007)

Stock of domestic credit:
$3.754 billion (31 December 2008)

$3.374 billion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$1.389 billion (31 December 2007)
$668.3 million (31 December 2006)

Agriculture - products:
citrus, grapes, tea, hazelnuts, vegetables; livestock

Industries:
steel, aircraft, machine tools, electrical appliances, mining (manganese and copper), chemicals, wood products, wine

Industrial production growth rate:
-8.5% (2009 est.)

Electricity - production:
8.17 billion kWh (2007 est.)

Electricity - consumption:
6.902 billion kWh (2007 est.)

Electricity - exports:
628 million kWh (2007 est.)

Electricity - imports:
430 million kWh (2007 est.)

Oil - production:
977 bbl/day (2008 est.)

Oil - consumption:
14,000 bbl/day (2008 est.)

Oil - exports:
1,486 bbl/day (2007 est.)

Oil - imports:
16,590 bbl/day (2007 est.)

Oil - proved reserves:
35 million bbl (1 January 2009 est.)

Natural gas - production:
8 million cu m (2008 est.)

Natural gas - consumption:
1.73 billion cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
1.72 billion cu m (2008 est.)

Natural gas - proved reserves:
8.495 billion cu m (1 January 2009 est.)

Current account balance:
$-1.661 billion (2009 est.)

$-2.915 billion (2008 est.)

Exports:
$1.766 billion (2009 est.)

$2.428 billion (2008 est.)

Exports - commodities:
scrap metal, wine, mineral water, ores, vehicles, fruits and nuts

Exports - partners:
Turkey 16.9%, Azerbaijan 12.4%, Ukraine 8.5%, Canada 8.4%, Bulgaria 8.2%, Armenia 7.7%, US 7.1%, UK 4.2% (2008)

Imports:
$4.477 billion (2009 est.)

$6.261 billion (2008 est.)

Imports - commodities:
fuels, vehicles, machinery and parts, grain and other foods, pharmaceuticals

Imports - partners:
Turkey 14.9%, Ukraine 10.4%, Azerbaijan 9.6%, Germany 7.9%, Russia 6.8%, US 5.7%, China 4.7%, UAE 4.4% (2008)

Reserves of foreign exchange and gold:
$1.08 billion (31 December 2009 est.)

$1.48 billion (31 December 2008 est.)

Debt - external:
$7.711 billion (31 December 2008 est.)

$5.343 billion (31 December 2007 est.)

Exchange rates:
laris (GEL) per US dollar - 1.6819 (2009), 1.47 (2008), 1.7 (2007), 1.78 (2006), 1.8127 (2005)


NOTE: The information regarding Georgia on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Georgia Economy 2010 information contained here. All suggestions for corrections of any errors about Georgia Economy 2010 should be addressed to the CIA.



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