Page 25 - GEORptOct21

4.4.2 Retail sector dynamics
Retail sales increases 11.3% y/y in 1Q21
Retail sales in Georgia increased 11.3% in the first quarter of 2021, after facing a plunge of 5.7% 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-Aug 2021*
External trade turnover ($ mn)
11,463 9,505 9,459 10,802 12,741 13,318 11,396 8,683.5
Export (FOB) ($ mn)
2,861 2,205 2,117 2,746 3,380 3,798 3,343 2,610.8
Import (CIF) ($ mn)
8,602 7,304 7,342 8,057 9,362 9,519 8,053 6,072.7
Trade Balance ($ mn)
-5,741 -5,100 -5,225 -5,311 -5,982 -5,721 -4,709 -3,461.9
Export excluding re-export ($ mn) (Domestic export)
1,819 1,603 1,620 2,008 2,226 2,324 2,408 1,899.1
Source: Geostat
Georgia’s external trade up 21.7% in Jan-July
Georgia’s external trade turnover amounted to $7.48bn in January-July, marking a 21.7% increase y/y, according to preliminary data from the National Statistics Office of Georgia (Geostat).
The value of exports increased 27.8% and totalled $2.27bn, while imports expanded 19.3%, amounting to $5.20bn.
The trade deficit amounted to $2.93bn, 39.2% of total trade turnover.
25 GEORGIA Country Report October 2021 www.intellinews.com