Page 19 - GEORptMay18

4.4.2 Retail sector dynamics
Retail sales climbs 21% y/y in 4Q17
Retail sales in Georgia soared 21% y/y in the fourth quarter of 2017, compared to a rise of 17.1% in the third quarter, according to CEIC data. In 2016, retail turnover totalled GEL28,283.3mn, an increase of 8.3% y/y.
The largest sectors of the economy - retail trade and manufacturing - increased by modest rates of 3.6% and 1.4% y/y, respectively, in 2016. Retail sales, which had 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 16.6% from 2000 to 2017.
5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2011 2012 2013 2014 2015 2016 2017 Jan-Mar* ‘18
External trade turnover ($ mn)
9,259 10,433 10,933 11,463 9,505 9,408 10,710 2,823.8
Export (FOB) ($ mn)
2,186 2,377 2,910 2,861 2,205 2,113 2,728 740.3
Import (CIF) ($ mn)
7,072 8,056 8,023 8,602 7,300 7,295 7,981 2,083.4
Balance ($ mn)
-4,886 -5,680 -5,112 -5,741 -5,096 -5,181 -5,253 -1,343.1
Export excluding re-export ($ mn)
1,693 1,606 1,812 1,873 1,637 1,657 2,063 554.8
Current account BPM6 ($ mn)
-1,842.2 -1,853.0 -934.7 -1,763.6 -1,684.3 -1,934.9 -1,311.1 /
Current account to GDP (%)
-12.8% -11.7% -5.8% -10.7% -12.2% -12.9% -8.8% /
Source: Geostat
19 GEORGIA Country Report May 2018 www.intellinews.com