Georgia - Economy
How is the economy of Georgia? Based on the information we have, Georgia has a
upper-middle income, fast-growing South Caucasus economy; regionally focused exporter of cars, metal ores, and energy; financial and migrant inflows resulting from Ukraine conflict; EU accession talks suspended over disputed election and foreign influence law; low inflation but persistent high unemployment
. Key agricultural products in this country include: milk, grapes, potatoes, maize, wheat, tangerines/mandarins, tomatoes, barley, apples, eggs (2023).More about the economy of Georgia
| Labor force | 1.833 million (2024 est.) |
|---|---|
| Industrial production growth rate | 5.4% (2024 est.) |
| Industries | steel, machine tools, electrical appliances, mining (manganese, copper, gold), chemicals, wood products, wine |
| Population below poverty line | 11.8% (2023 est.) |
| Taxes and other revenues | 23.6% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | laris (GEL) per US dollar - |
| Exchange rates 2024 | 2.721 (2024 est.) |
| Exchange rates 2023 | 2.628 (2023 est.) |
| Exchange rates 2022 | 2.916 (2022 est.) |
| Exchange rates 2021 | 3.222 (2021 est.) |
| Exchange rates 2020 | 3.109 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $9.085 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $4.447 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $5.002 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $4.886 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$1.491 billion (2024 est.) |
| Current account balance 2023 | -$1.709 billion (2023 est.) |
| Current account balance 2022 | -$1.105 billion (2022 est.) |
| Public debt | |
| Public debt 2023 | 43.4% of GDP (2023 est.) |
| Budget | |
| Revenues | $8.686 billion (2023 est.) |
| Expenditures | $9.307 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 11.8% of GDP (2024 est.) |
| Remittances 2023 | 13.7% of GDP (2023 est.) |
| Remittances 2022 | 15.4% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.7% (2023 est.) |
| Highest 10% | 26.9% (2023 est.) |
| Average household expenditures | |
| On food | 39% of household expenditures (2023 est.) |
| On alcohol and tobacco | 3.8% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $18.915 billion (2024 est.) |
| Imports 2023 | $17.816 billion (2023 est.) |
| Imports 2022 | $15.665 billion (2022 est.) |
| Imports (partners) | Turkey 16%, USA 13%, Russia 11%, China 8%, Germany 6% (2023) |
| Comodities Imports force | cars, refined petroleum, packaged medicine, natural gas, garments (2023) |
| Exports | |
| Imports 2024 | $18.915 billion (2024 est.) |
| Imports 2023 | $17.816 billion (2023 est.) |
| Imports 2022 | $15.665 billion (2022 est.) |
| Exports (partners) | Azerbaijan 13%, Turkey 11%, Armenia 11%, Russia 10%, Kyrgyzstan 8% (2023) |
| Comodities Exports force | cars, copper ore, electricity, garments, wine (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $91.849 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $83.935 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $77.838 billion (2022 est.) |
| GDP (official exchange rate) | $33.776 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $25,000 (2024 est.) |
| Real GDP per capita 2023 | $22,600 (2023 est.) |
| Real GDP per capita 2022 | $21,000 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 5.4% (2024 est.) |
| Industry | 19.1% (2024 est.) |
| Services | 62.8% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 71.3% (2024 est.) |
| Government consumption | 13.4% (2024 est.) |
| Investment in fixed capital | 22% (2024 est.) |
| Investment in inventories | 0.8% (2024 est.) |
| Exports of goods and services | 48.4% (2024 est.) |
| Imports of goods and services | -56% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 11.5% (2024 est.) |
| Unemployment rate 2023 | 11.6% (2023 est.) |
| Unemployment rate 2022 | 11.7% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 29.9% (2024 est.) |
| Male | 28.4% (2024 est.) |
| Female | 32.4% (2024 est.) |
All Important Facts about Georgia
Want to know more about Georgia? Check all different factbooks for Georgia below.
