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Georgia Economy




Georgia    Economy Top of Page
Economy - overview: Georgia's economy has traditionally revolved around Black Sea tourism; cultivation of citrus fruits, tea, and grapes; mining of manganese and copper; and output of a small industrial sector producing wine, metals, machinery, chemicals, and textiles. The country imports the bulk of its energy needs, including natural gas and oil products. Its only sizable internal energy resource is hydropower. Despite the severe damage the economy has suffered due to civil strife, Georgia, with the help of the IMF and World Bank, has made substantial economic gains since 1995, increasing GDP growth and slashing inflation. The Georgian economy continues to experience large budget deficits due to a failure to collect tax revenues. Georgia also still suffers from energy shortages; it privatized the distribution network in 1998, and deliveries are steadily improving. The country is pinning its hopes for long-term recovery on the development of an international transportation corridor through the key Black Sea ports of P'ot'i and Bat'umi. The growing trade deficit, continuing problems with tax evasion and corruption, and political uncertainties cloud the short-term economic picture.
GDP: purchasing power parity - $22.8 billion (2000 est.)
GDP - real growth rate: 1.9% (2000 est.)
GDP - per capita: purchasing power parity - $4,600 (2000 est.)
GDP - composition by sector: agriculture:  32%

industry:  23%

services:  45% (1999 est.)
Population below poverty line: 60% (1999 est.)
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 4.1% (2000 est.)
Labor force: 3.08 million (1997)
Labor force - by occupation: industry 20%, agriculture 40%, services 40% (1999 est.)
Unemployment rate: 14.9% (1999 est.)
Budget: revenues:  $437 million

expenditures:  $626 million, including capital expenditures of $60 million (1999)
Industries: steel, aircraft, machine tools, electric locomotives, trucks, tractors, textiles, shoes, chemicals, wood products, wine
Industrial production growth rate: -0.3% (1998 est.)
Electricity - production: 7.975 billion kWh (1999)
Electricity - production by source: fossil fuel:  20.38%

hydro:  79.62%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 7.117 billion kWh (1999)
Electricity - exports: 850 million kWh (1999)
Electricity - imports: 550 million kWh (1999)
Agriculture - products: citrus, grapes, tea, vegetables, potatoes; livestock
Exports: $372 million (2000 est.)
Exports - commodities: citrus fruits, tea, wine, other agricultural products; diverse types of machinery and metals; chemicals; fuel reexports; textiles
Exports - partners: Russia 19%, Turkey 16%, Azerbaijan 8%, Armenia 6% (1999)
Imports: $898 million (2000 est.)
Imports - commodities: fuel, grain and other foods, machinery and parts, transport equipment
Imports - partners: EU 22%, Russia 19%, Turkey 12%, US 12% (1999)
Debt - external: $1.9 billion (2000)
Economic aid - recipient: $212.7 million (1995)
Currency: lari (GEL)
Currency code: GEL
Exchange rates: lari per US dollar - 1.9798 (December 2000), 1.9762 (2000), 2.0245 (1999), 1.3898 (1998), 1.2975 (1997), 1.2628 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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