Page 16 - Small Stans and Causcasus Outlook 2022

2.4 Macroeconomy - Georgia

GEORGIA key economic figures and forecasts

2016 2017 2018 2019 2020 2021E 2022P

Nominal GDP (EUR bn) 16,745 18,337 20,775 19,555 18,092 21,527
$15,141 $16,248 $17,597 $17,471 $15,843 $18,177 $20,914

Real GDP (% yoy) 2.9 4.8 4.8 5.0 -6.8 10.0 6.0

Industrial output (% yoy) 3.7 1.5 4.8 0.8 -6.1 12.8

Unemployment rate (avg, %) 21.7 21.6 19.2 17.6 18.5 21.2

Nominal industrial wages (% yoy) 0.9 10.8 7.1 11.6 7.1 12.3

Producer prices (avg, % yoy) -0.1 11.0 6.1 7.2 11.8 16.4

Consumer prices (avg, % yoy) 2.2 6.0 2.6 4.9 5.2 9.6

Consumer prices (eop, % yoy) 1.8 6.7 1.5 7.0 2.4 13.9

General budget balance (% of GDP) -0.7 -2.7 -9.3 -6.8 -4.3

Public debt (% of GDP) 38.9 40.4 60.2 51.1 51.1

Current account balance (% of GDP) -6.8 -5.5 -12.4 -8.4 -7.6

Official FX reserves (EUR bn) 2,785 3,131 3,424 3,896

Gross foreign debt (% of GDP) 105.2 106.6 101.3 106.7 130.1 115.8

EUR/LC (avg) 2.37 2.51 2.53 2.82 3.11 3.22

USD/LC (avg) 2.62 2.83 2.99 3.15 3.55 3.82

Source: Thomson Reuters, RBI/Raiffeisen RESEARCH

2.1.1 GDP growth
Georgia’s economy is likely to grow in 2022 faster than its pre-crisis
average performance, after full recovery in 2021 but it all depends on
the resumption of tourism, hence on the dynamics of the COVID-19
pandemic.

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