Page 10 - GEORptSep18

3.0 Macro Economy
Georgia - Main Macro 2011 2012 2013 2014 2015 2016 2017 1Q18 Indicators
GDP real growth (y/y, %)
7.2 6.4 3.4 4.6 2.9 2.7 5.0 5.3
GDP (per capita, $) 3,230.7 3,523.4 3,599.6 3,676.2 3,766.6 3,864.6 4,078.5 987.1
GDP: Final consumption expenditure, (GEL mn)
22,487.3 23,733.2 23,671.8 25,570.7 27,318.7 28,241.5 30,381.7 7,781.1
GDP: Gross capital formation, (GEL mn)
6,368.0 7,575.4 6,652.9 8,688.8 10,004.3 10,999.8 12,133.3 2,842.4
GDP: Exports, (GEL mn)
8,822.8 9,982.9 11,997.9 12,518.3 14,206.8 14,837.8 19,177.3 4,549.7
GDP: Imports, (GEL mn)
13,334.2 15,124.2 15,475.2 17,627.3 19,774.3 20,187.5 23,650.1 6,022.9
Source: bne IntelliNews, CEIC
3.1 Macroeconomic overview
Georgian economy grew by an estimated 4% in June
New strategy to reverse “offensive” environmental policies in Georgia, PM says
The Georgian economy grew by an estimated 4.0% y/y in June, statistics office Geostat said i n its monthly rapid estimation of real GDP growth.
The economy was estimated to have expanded in the transport, hotels and restaurants, financial intermediation and trade sectors, Geostat said in the estimation, which is based on administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics.
The average estimated real GDP growth in 2Q18 was 6.0%, and the average rate in H1 2018 was 5.7%, Geostat added.
The statistics office also reported 2.2% y/y consumer price inflation, while the Producer Price Index (PPI) was up by 6.8% y/y in June.
The Georgian government is poised to release its new green economy development strategy within coming days, Prime Minister Mamuka Bakhtadze said on August 24, stressing that his government plans to address the “ineffective — and I would say offensive” policies of the last few years.
Bakhtadze described the green economy as “the most significant direction” for his government, which took office earlier this month.
“[The] Green Economy is our absolute priority. It is the one, which will enable us to advance our economy to a qualitatively new level and the living standards of our population at large,” Bakhtadze said during the presentation of the Transport Policy of Tbilisi Municipality, according to a government statement .
He also stressed the efforts of European countries in this area; Georgia is keen to further its integration with the EU.
Bakhtadze said that transport policy in the Georgian capital Tbilisi would be of
10 GEORGIA Country Report September 2018 www.intellinews.com