Page 26 - GEORptJul22

4.4.2 Retail sector dynamics
Retail sales grew 31% y/y in 1Q22
Retail sales in Georgia increased 31% y/y in the first quarter of 2022, down from 44.8% increase 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 14.5% from March 2010 to June 2021.
5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2015 2016 2017 2018 2019 2020 2021* Jan-May 2022*
External trade turnover ($ mn)
9,505 9,459 10,802 12,741 13,318 11,396 14,347 6,933.6
Export (FOB) ($ mn)
2,205 2,117 2,746 3,380 3,798 3,343 4,242 2,112.1
Import (CIF) ($ mn)
7,304 7,342 8,057 9,362 9,519 8,053 10,105 4,821.5
Trade Balance ($ mn)
-5,100 -5,225 -5,311 -5,982 -5,721 -4,709 -5,862 -2,709.4
Export excluding re-export ($ mn) (Domestic export)
1,603 1,620 2,008 2,226 2,324 2,408 3,127 1,599.5
Source: Geostat
26 GEORGIA Country Report July 2022 www.intellinews.com