Page 21 - GEORptMar21

4.4.2 Retail sector dynamics
Retail sales increases 13.5% y/y in 1Q20
Retail sales in Georgia increased 3.4% y/y in the third quarter of 2020, after facing a significant plunge of 14.5% in the previous quarter, according to Geostat. The second quarter of 2020 was by far the largest decline in retail trade recorded at -14.5% brought on by the coronavirus pandemic.
In 2017, retail trade turnover reached GEL9,929.8mn, up from GEL8,101.9mn in 2016. Retail sales, which has been growing at a strong double-digit pace for several years, grew by only 8-9% in 2015-16 as wage growth slowed and unemployment rose.
Retail sales y/y in Georgia averaged 16% from 2000 to 2019.
5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2014 2015 2016 2017 2018 2019 2020* Jan 2021*
External trade turnover ($ mn)
11,463 9,505 9,459 10,802 12,741 13,315 11,353 762.5
Export (FOB) ($ mn)
2,861 2,205 2,117 2,746 3,380 3,798 3,342 224.4
Import (CIF) ($ mn)
8,602 7,304 7,342 8,057 9,362 9,517 8,011 538.1
Balance ($ mn)
-5,741 -5,100 -5,225 -5,311 -5,982 -5,719 -4,668 -313.6
Export excluding re-export ($ mn)
1,819 1,603 1,620 2,008 2,226 2,324 2,407 166.4
Current account BPM6 ($ mn)
-1,784.2 -1,767.0 -1,885.8 -1,307.5 -1,192.7 -900.5 / /
Current account to GDP (%)
-10.7% -12.2% -12.9% -8.8% -7.7% -5.1% / /
Source: Geostat
21 GEORGIA Country Report March 2021 www.intellinews.com