Georgia - Economy
How is the economy of Georgia? Based on the information we have, Georgia has a
main economic activities include cultivation of agricultural products, such as grapes, citrus fruits, and hazelnuts; mining of manganese, copper, and gold; producing alcoholic and nonalcoholic beverages
. Key agricultural products in this country include: milk, grapes, potatoes, wheat, maize, apples, watermelons, barley, tangerines/mandarins, tomatoes (2022).More about the economy of Georgia
| Labor force | 1.853 million (2023 est.) |
|---|---|
| Industrial production growth rate | 6.15% (2023 est.) |
| Industries | steel, machine tools, electrical appliances, mining (manganese, copper, gold), chemicals, wood products, wine |
| Population below poverty line | 15.6% (2022 est.) |
| Taxes and other revenues | 22.9% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | laris (GEL) per US dollar - |
| 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.) |
| Exchange rates 2019 | 2.818 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $18.149 billion (2019 est.) |
| Debt - external 2018 | $17.608 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $5.002 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $4.886 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $4.271 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$1.326 billion (2023 est.) |
| Current account balance 2022 | -$1.12 billion (2022 est.) |
| Current account balance 2021 | -$1.943 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 42.97% of GDP (2022 est.) |
| Budget | |
| Revenues | $4.737 billion (2019 est.) |
| Expenditures | $5.059 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 14.74% of GDP (2023 est.) |
| Remittances 2022 | 15.42% of GDP (2022 est.) |
| Remittances 2021 | 14.02% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.7% (2021 est.) |
| Highest 10% | 26.2% (2021 est.) |
| Average household expenditures | |
| On food | 32.3% of household expenditures (2021 est.) |
| On alcohol and tobacco | 3.5% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $17.791 billion (2023 est.) |
| Imports 2022 | $15.665 billion (2022 est.) |
| Imports 2021 | $11.151 billion (2021 est.) |
| Imports (partners) | Turkey 17%, Russia 12%, China 8%, US 8%, Germany 5% (2022) |
| Comodities Imports force | cars, refined petroleum, natural gas, packaged medicine, copper ore (2022) |
| Exports | |
| Imports 2023 | $17.791 billion (2023 est.) |
| Imports 2022 | $15.665 billion (2022 est.) |
| Imports 2021 | $11.151 billion (2021 est.) |
| Exports (partners) | China 11%, Azerbaijan 10%, Russia 9%, Armenia 8%, Bulgaria 7% (2022) |
| Comodities Exports force | copper ore, cars, fertilizers, iron alloys, wine (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $83.656 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $77.838 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $70.151 billion (2021 est.) |
| GDP (official exchange rate) | $30.536 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $22,200 (2023 est.) |
| Real GDP per capita 2022 | $21,000 (2022 est.) |
| Real GDP per capita 2021 | $18,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 8.2% (2017 est.) |
| Industry | 23.7% (2017 est.) |
| Services | 67.9% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 62.8% (2017 est.) |
| Government consumption | 17.1% (2017 est.) |
| Investment in fixed capital | 29.5% (2017 est.) |
| Investment in inventories | 2.4% (2017 est.) |
| Exports of goods and services | 50.4% (2017 est.) |
| Imports of goods and services | -62.2% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 11.62% (2023 est.) |
| Unemployment rate 2022 | 11.66% (2022 est.) |
| Unemployment rate 2021 | 11.79% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 30.2% (2023 est.) |
| Male | 28.7% (2023 est.) |
| Female | 32.7% (2023 est.) |
All Important Facts about Georgia
Want to know more about Georgia? Check all different factbooks for Georgia below.
