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Economy of Georgia (country)

Economy of Georgia
Top: Batumi, the financial centre of Georgia
Bottom: Tbilisi, capital of Georgia
CurrencyGeorgian lari (GEL)
1 January – 31 December
Trade organisations
WTO, GUAM, BSEC and others
Country group
Statistics
PopulationDecrease 3,688,600 (1 January 2023)[3]
GDP
  • $33 billion (nominal, 2024)[4]
  • $94 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • 7.5% (2023)
  • 5.7% (2024)
  • 5.2% (2025)[4]
GDP per capita
  • $8,825 (nominal, 2024)[4]
  • $25,248 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
Population below poverty line
  • 13.1% in poverty (2023)[6]
  • 55% on less than $6.85/day (2021)[7]
34.2 medium (2021)[8]
Decrease 53 out of 100 points (2023, 49th rank)
Labour force
  • Decrease 2,011,755 (2019)[11]
  • Increase 44% employment rate (2022)[12]
Labour force by occupation
UnemploymentPositive decrease 16.7% (2023)[14]
Average gross salary
GEL 2,045 / €710 / $763 monthly (2023*)[15]
GEL 1,636 / €568 / $610 monthly (2023*)[15]
Main industries
steel, machine tools, electrical appliances, mining (manganese, copper, gold), chemicals, wood products, wine
External
ExportsIncrease $6.09 billion (2023)[16]
Export goods
vehicles, ferro-alloys, fertilizers, nuts, scrap metal, gold, copper ores
Main export partners
ImportsIncrease $15.43 billion (2023)[16]
Import goods
fuels, vehicles, machinery and parts, grain and other foods, pharmaceuticals
Main import partners
FDI stock
  • Increase $17.47 billion (31 December 2017 est.)[13]
  • Increase Abroad: $2.477 billion (31 December 2017 est.)[13]
Increase −$1.348 billion (2017 est.)[13]
Negative increase $16.99 billion (31 December 2017 est.)[13]
Public finances
Negative increase 39.1% of GDP (2023)[13][note 1]
−3.8% (of GDP) (2017 est.)[13]
Revenues4.352 billion (2017 est.)[13]
Expenses4.925 billion (2017 est.)[13]
Economic aidODA $626.0 million USD (2010)
Increase $3.039 billion (31 December 2017 est.)[13]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Georgia is an emerging free market economy. Its gross domestic product fell sharply following the dissolution of the Soviet Union but recovered in the mid-2000s, growing in double digits thanks to the economic and democratic reforms brought by the peaceful Rose Revolution. Georgia continued its economic progress since, "moving from a near-failed state in 2003 to a relatively well-functioning market economy in 2014".[23] In 2007, the World Bank named Georgia the World's number one economic reformer.[24]

Georgia's economy is supported by a relatively free and transparent atmosphere in the country. According to Transparency International's 2018 report, Georgia is the least corrupt nation in the Black Sea region, outperforming all of its immediate neighbors, as well as nearby European Union states.[25] With a mixed news media environment, Georgia is also the only country in its immediate neighborhood where the press is not deemed unfree.[26]

Since 2014, Georgia is part of the European Union's Free Trade Area, with the EU continuing to be the country's largest trading partner, accounting for over a quarter of Georgia's total trade turnover.[27] Following the EU trade pact, 2015 was marked by further increase in bilateral trade, whereas trade with the Commonwealth of Independent States (CIS) decreased precipitously.[28]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
  4. ^ a b c d e f g "World Economic Outlook database: April 2024". IMF.org. International Monetary Fund. Retrieved 8 March 2024.
  5. ^ "Gross Output, at current prices". Geostat.ge. Retrieved 18 June 2016.
  6. ^ "Poverty headcount ratio at national poverty lines (% of population) – Georgia". data.worldbank.org. World Bank. Retrieved 14 January 2020.
  7. ^ "Poverty headcount ratio at $6.85 a day (2017 PPP) (% of population) - Georgia". openknowledge.worldbank.org. World Bank. Retrieved 9 April 2020.
  8. ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 22 March 2020.
  9. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 12 October 2022.
  10. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 12 October 2022.
  11. ^ "Labor force, total – Georgia". data.worldbank.org. World Bank. Retrieved 3 November 2019.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Georgia". data.worldbank.org. World Bank. Retrieved 20 April 2020.
  13. ^ a b c d e f g h i j "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 26 March 2019.
  14. ^ "Employment and Unemployment". geostat.ge. National Statistics Office of Georgia. Retrieved 20 April 2022.
  15. ^ a b National Statistics Office of Georgia, Wages, https://www.geostat.ge/en/modules/categories/39/wages
  16. ^ a b "External Merchandise Trade 2019 publication 2020" (PDF). geostat.ge. National Statistics Office of Georgia. pp. 10, 13, 14. Archived (PDF) from the original on 2021-09-20. Retrieved 7 October 2020.
  17. ^ a b "External Merchandise Trade 2019 publication 2020" (PDF). geostat.ge. National Statistics Office of Georgia. pp. 10, 13, 14. Archived (PDF) from the original on 2021-09-20. Retrieved 7 October 2020.
  18. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  19. ^ "S& – Ratings Sovereigns Rating List – Americas". Retrieved 3 March 2015.
  20. ^ "PBC_124089". Retrieved 3 March 2015.
  21. ^ "Fitch ratings, updated 15/12/2011". Archived from the original on 2012-03-26. Retrieved 2012-02-24.
  22. ^ "Scope affirms Georgia's BB credit ratings, maintaining a Stable Outlook". Retrieved 2024-02-03.
  23. ^ United States Department of State, Georgia: Executive Summary, Retrieved: 5 May 2016
  24. ^ World Bank, Georgia Archived 2016-10-06 at the Wayback Machine, Retrieved: 4 May 2016
  25. ^ "Corruption Perceptions Index 2018 Executive Summary p. 9" (PDF). transparency.org. Transparency International. Archived (PDF) from the original on 2019-03-27. Retrieved 26 March 2019.
  26. ^ Freedom House, Freedom of the Press - 2016, Retrieved: 4 May 2016
  27. ^ European Commission, Georgia, Retrieved: 7 May 2016
  28. ^ Civil Georgia, Georgia’s 2015 Foreign Trade Archived 2017-09-17 at the Wayback Machine, 20 January 2016


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