General information about Georgia

Area: 69,700 sq.km 

Boarders: Southeast - Azerbaijan, Southwest - Turkey, North - Russia, South - Armenia.

Geography: mountain ranges and hills comprise 80% of Georgian territory. The country is situated between 40 - 47 degrees E and 41 - 44 degrees N

Population of Georgia (thousand persons): 3720,4 (as of 1 January 2016)

Capital:  Tbilisi, population (thousand persons) - 1113,0 (as of 1 January 2016)

Other main cities: Batumi, Kutaisi, Rustavi, Sokhumi, Gori, Poti, Zugdidi, Telavi 

Language: Georgian; Georgian and Abkhaz in the Autonomous Republic of Abkhazia 

Ethnic groups (2014 Census): Georgians - 86.8%, Azeris - 6.3 %, Armenians- 4.5 %; Russians -0,7%

National currency: Georgian Lari

 

 

Macroeconomic Policy and Overview   

 

Economic policy is oriented on ensuring:

 

- Inclusive, sustainable and fast economic growth;

- Macroeconomic stability;

- Fiscal discipline;

- Low levels of unemployment;

- Price stability;

- Monetary policy independence;

- Gradual reduction in the current account deficit;

- Financial sector stability;

- Further improvement of the investment climate. 

- Economic Policy is based on free market principles, thus ensuring private sector   

  development and creation of favorable business environment.

 

Overview

 

In 2016, the GDP growth rate was 2.7 percent (preliminary data). GDP in current prices amounted to 33 921.6 mln GEL or 14 332.8 mln. USD and GDP per capita equaled to GEL 9 117.7 (3 852.5 USD).

 

In January 2017, real GDP growth rate was 5.2 percent compared to the same period of 2016. According to IMF forecast real GDP growth will be 4 percent in 2017.

 

In 2016, annual average inflation rate amounted to 2.2 percent. (In 2015, the inflation rate in Georgia was 4.0%).

In January of 2017, annual inflation rate was close to the target (4%) and amounted to 3.9%. In February 2017, inflation rate amounted to 5.5%.

 

The last three years was a period of recovery in foreign direct investments. In 2016 foreign direct investments amounted to USD 1.645 billion (preliminary data), represented 5 percent annual growth. In the 4th quarter of 2016, foreign direct investment increased by 235 and amounted to USD 330 million.

 

In the 2016 the foreign trade turnover amounted to 9 350 ml. USD (1.4% decrease in comparison with the last year), where the export was 2 114 ml. USD (4.1% decrease) and import – 7 236 ml. USD (0.6% decrease). The negative trade balance of Georgia was equal to 5 122 ml. USD. 

 

According to the preliminary data in January-February of 2017, Export increased by 27% (USD 75 million) and amounted to USD 356 million, and Import increased by 15% (USD 137 million) and amounted to USD 1 067 million.

 

Main Economic Indicators

2012

2013

2014

2015

2016

Real GDP growth (%)

6.4

3.4

4.6

2.9

2.7

Foreign trade turnover

(mln. USD)

10 433

10 933

11 463

9 486

9 350

Export (mln. USD)

2 377

2 911

2 861

2 205

2 114

Import (mln. USD)

8056

8023

8602

7281

7236

Exports (growth,%)

9%

22%

-2%

-23%

-4%

Imports (growth,%)

14%

0%

7%

-15%

-1%

Inflation Rate (%)

-0.9%

-0.5%

3.1%

4.0%

2.2%

Foreign Direct
Investments (mln. USD)

911.6

941.9

1 758.4

1 564.5

1 645.4

GDP (mln. USD)

15 846.8

16 139.9

16 507.8

13 988.1

14 332.8

GDP per capita (USD)

3 523.4

3 599.6

3 676.2

3 766.6

3 852.5

 

Official Holidays 2017

Date

Day

Holiday

1 Jan

Sun

New Year's Day

2 Jan

Mon

New Year Holiday

7 Jan

Sat

Orthodox Christmas

19 Jan

Thu

Orthodox Epiphany

3 Mar

Fri

Mother's Day

8 Mar

Wed

International Women's Day

9 Apr

Sun

Georgia’s Independence Restoration Day

14 Apr

Fri

Orthodox Good Friday

15 Apr

Sat

Orthodox Holy Saturday

16 Apr

Sun

Orthodox Easter

17 Apr

Mon

Orthodox Easter Monday

9 May

Tue

Victory Day

12 May

Fri

Saint Andrew the First Called Day

26 May

Fri

Independence Day

28 Aug

Mon

Saint Mary's Day

14 Oct

Sat

Svetitskhovloba

23 Nov

Thu

Saint George's Day

 

Climate

 

The climate is dry and continental in eastern Georgia with hot summers and mild winters. The climate in western Georgia and on the Black Sea coast is warm and semitropical. 

 

Flora and Fauna

 

Despite its small territory Georgia is home to highly diverse flora. The country's varied geographical and climatic zones have given rise to a wide variety of plant species. The flora of western and eastern Georgia are quite distinct. The climate is dry and semidry in non coniferous zones of eastern Georgia and therefore green areas and foliage are sparse there. Western Georgia, with its wet climate, is distinguished by dense forests and a diverse range of plants. Georgia's fauna represents a mixture of Central Asian and African fauna.