City next to a river in Georgia

Georgia Economy

Georgia's economy in numbers:

Nominal GDP of USD 24.8 billion in 2022.

GDP per capita of USD 6,733 compared to the global average of USD 10,589.

Average real GDP growth of 4.5% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 72% of overall GDP, manufacturing 10%, other industrial activity 12%, and agriculture 6%. Looking at GDP by expenditure, private consumption accounted for 80% of GDP in 2021, government consumption 14%, fixed investment 22%, and net exports -16%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 33% of total merchandise exports, mineral fuels 1%, food 30%, ores and metals 32% and agricultural raw materials 1%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 64% of total merchandise imports, mineral fuels 13%, food 13%, ores and metals 8% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 8 billion in 2022, while total imports were USD 13 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 4.5% in the decade to 2022. To read more about GDP growth in Georgia, go to our dedicated page.

Fiscal policy:

Georgia's fiscal deficit averaged 2.5% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 21.3% in the decade to 2022. For more information on Georgia's unemployment click here.

Inflation:

Inflation averaged 4.4% in the decade to 2022. Go to our Georgia inflation page for extra insight.

Monetary Policy:

Georgia's monetary policy rate ended 2022 at 11.00%, up from 5.25% a decade earlier. See our Georgia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the lari weakened by 37% vs the U.S. dollar. For more info on the lari, click here.
The economy lost momentum but remained robust in Q3, with annual GDP growth slowing to 5.7% (Q2: +7.8% yoy). Economic growth likely gained steam in the fourth quarter from Q3. Annual economic activity rose at a stronger 6.8% in Q4, spearheaded by the financial, construction and trade industries. That said, contractions in manufacturing, energy supply and real estate capped the overall improvement. Additionally, average inflation fell to a multi-year low in Q4, which, paired with December’s interest rate cut, bodes well for consumption in Q4 and at the outset of 2024. That said, weaker external demand restrained overall growth: Merchandise exports posted a mild year-on-year contraction—falling for the first time in three years in Q4—while tourist arrivals slid slightly year on year in the same quarter.
Projections out to 2033.

42 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 13 expert analysts.

Want to get insight on the economic outlook for Georgia in the coming years? FocusEconomics collects projections out to 2033 on 42 economic indicators for Georgia from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Georgia economy. To download a sample report on the Georgia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Georgia Economic Data

2018 2019 2020 2021 2022
Population (million) 3.7 3.7 3.7 3.7 3.7
GDP (USD bn) 17.6 17.5 15.8 18.7 24.8
GDP per capita (USD) 4,718 4,694 4,262 5,002 6,733
GDP (EUR bn) 14.9 15.6 13.9 15.7 23.5
GDP per capita (EUR) 3,997 4,191 3,730 4,218 6,383
GDP (GEL bn) 44.6 49.3 49.3 60.0 72.3
Economic Growth (Nominal GDP, ann. var. %) 9.4 10.4 0.0 21.8 20.4
Economic Growth (GDP, ann. var. %) 4.9 5.0 -6.7 10.5 10.4
Unemployment (% of active population, aop) 19.3 17.6 18.5 20.6 17.3
Fiscal Balance (% of GDP) -0.8 -1.8 -9.3 -6.0 -2.6
Public Debt (% of GDP) 38.9 40.4 60.2 49.7 39.8
Inflation (CPI, ann. var. %, aop) 2.6 4.9 5.2 9.6 11.9
Refinancing Rate (%, eop) 7.00 9.00 8.00 10.50 11.00
Exchange Rate (GEL per USD, eop) 2.68 2.86 3.29 3.09 2.70
Exchange Rate (GEL per USD, aop) 2.53 2.82 3.11 3.22 2.91
Exchange Rate (GEL per EUR, eop) 3.06 3.21 4.02 3.51 2.88
Exchange Rate (GEL per EUR, aop) 2.99 3.15 3.55 3.80 3.06
Current Account Balance (USD bn) -1.2 -1.0 -2.0 -1.9 -1.1
Current Account Balance (% of GDP) -6.8 -5.9 -12.5 -10.4 -4.5
Merchandise Trade Balance (USD bn) -4.1 -3.8 -3.2 -3.8 -5.1
Merchandise Exports (USD bn) 4.4 4.9 4.3 5.5 7.5
Merchandise Imports (USD bn) 8.5 8.7 7.5 9.3 12.6
Merchandise Exports (ann. var. %) 23.4 12.2 -12.1 27.4 36.0
Merchandise Imports (ann. var. %) 15.5 2.5 -14.0 24.2 35.5
Foreign Direct Investment (USD bn) 1.4 1.4 0.6 1.2 2.0
International Reserves (USD bn) 3.3 3.5 3.9 4.3 4.9
International Reserves (months of imports) 4.6 4.8 6.2 5.5 4.7
External Debt (USD bn) 17.3 18.8 20.1 22.1 24.0
External Debt (% of GDP) 98.5 107.3 126.8 118.2 96.6

Free Sample Report

Interested in Georgia economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest