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making it vulnerable in principle to external shocks—but for the time being the tourism outlook is robust and wage remittances keep growing.
Georgia’s exports of goods are also increasing constantly. They were up by 12.3% y/y to $321mn in March. Over the rolling 12 months, exports were worth $3.45bn, or up 19.4% y/y. The value was the highest recorded in past decade.
Imports contracted by 12.4% y/y to $740mn in March and the 12-month rolling value increased by only 8.3% to $9bn—more than twice as much as exports over the same 12-month period.
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.
23 GEORGIA Country Report June 2019 www.intellinews.com