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21% y/y to $3.4bn. One third of the country’s exports is made up of copper ores and concentrates, motor cars and ferro-alloys.
By country, Georgia’s exports are oriented toward Russia and Azerbaijan predominantly, with Turkey, Armenia and Ukraine also important export markets.
Georgia’s imports increased by a mere 0.6% y/y to $643mn in February, while imports in the rolling 12 months ending February advanced by 12.6% y/y to $9.1bn. Turkey, China, Azerbaijan and Russia are the main source of imports for Georgia.
5.1.2 Current account dynamics
Georgia’s current account deficit narrows with gap to GDP moving down to 7.7% in 2018
Georgia’s current account (CA) deficit narrowed by 15.2% y/y to $458.1mn in the fourth quarter of 2018, the central bank in Tbilisi has announced. The full-year 2018 CA deficit contracted by 6.4% y/y to $1.24bn.
The CA deficit to GDP ratio decreased from 8.8% in 2017 to 7.7% in 2018, the latest data showed.
18 GEORGIA Country Report April 2019 www.intellinews.com