Page 22 - bne IntelliNews Georgia country report October 2017
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Turkey, two of the largest sources of remittances.
Russia accounted for a third of total remittances sent in July, followed distantly by the US with $12.7mn, Italy ($12.1mn), Greece ($10.6mn), Israel ($10.5mn) and Turkey ($9.3mn).
5.1.4 Gross international reserves
Gross international reserves in Georgia amounted to GEL2,915.22mn in August, down marginally from GEL2,938.36mn m/m and GEL2,888.48mn a year ago.
5.2 FDI
Georgia - FDI 2010 2011 2012 2013 2014 2015 2016 H1 2017
FDI ($ mn)
814.5 1,117.2 911.6 941.9 1,758.4 1,564.5 1,565.9 751
FDI (% of GDP)
7.47 7.51 5.25 5.93 10.6 11.23 11.69
Source: bne IntelliNews, Geostat, CEIC
Georgia’s FDI slides 5.5% y/y in H1
Georgia’s incoming foreign direct investment (FDI) slid 5.5% y/y in the first half of 2017 to $751mn, down from $794.4mn a year ago, according to preliminary statistics office data released on September 12.
Poised to grow by 4% in 2017, the Georgian economy has attracted more FDI in recent years in comparison to neighbouring countries thanks to higher overall GDP growth, business-friendly policies and the development of sectors like gas transit, real estate, transport and tourism.
Second-quarter FDI was $346.6mn, retreating from $404.3mn in Q2 2016 and $404.4mn in Q1 2017.
22 GEORGIA Country Report October 2017 www.intellinews.com
