Countries
Georgia
Key Economic Indicators
$104.64 billion
$28,285
9.68%
1.11%
12.1%
$33.776 billion (2024 est.)
40 % of GDP
$-1,786,146,320
Economic Overview
<p>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</p>
All Economic Data
Agricultural products
milk, grapes, potatoes, maize, wheat, tangerines/mandarins, tomatoes, barley, apples, eggs (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
3.8% of household expenditures (2023 est.)
On food:
39% of household expenditures (2023 est.)
Budget
Expenditures:
$9.307 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$8.686 billion (2023 est.)
Currency
code:
GEL
name:
lari (GEL) [₾]
Current account balance
$-1,786,146,320
Current account balance 2022:
-$1.105 billion (2022 est.)
Current account balance 2023:
-$1.709 billion (2023 est.)
Current account balance 2024:
-$1.491 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$25.16 billion
Debt - external 2023:
$9.085 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
laris (GEL) per US dollar -
Exchange rates 2020:
3.109 (2020 est.)
Exchange rates 2021:
3.222 (2021 est.)
Exchange rates 2022:
2.916 (2022 est.)
Exchange rates 2023:
2.628 (2023 est.)
Exchange rates 2024:
2.721 (2024 est.)
Exports
$16.35 billion
Exports 2022:
$13.24 billion (2022 est.)
Exports 2023:
$15.173 billion (2023 est.)
Exports 2024:
$16.321 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
cars, copper ore, electricity, garments, wine (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Azerbaijan 13%, Turkey 11%, Armenia 11%, Russia 10%, Kyrgyzstan 8% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.6 billion
GDP - composition, by end use
Exports of goods and services:
48.4% (2024 est.)
Government consumption:
13.4% (2024 est.)
Household consumption:
71.3% (2024 est.)
Imports of goods and services:
-56% (2024 est.)
Investment in fixed capital:
22% (2024 est.)
Investment in inventories:
0.8% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
5.4% (2024 est.)
Industry:
19.1% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
62.8% (2024 est.)
GDP (official exchange rate)
$33.776 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$9,241
Gini Index coefficient - distribution of family income
35.9 (2019)
Gini Index coefficient - distribution of family income 2023:
34.8 (2023 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$31.67 billion
GNI per capita
$8,110
Gross domestic investment
24 % of GDP
Household income or consumption by percentage share
Highest 10%:
26.9% (2023 est.)
Lowest 10%:
2.7% (2023 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$19.02 billion
Imports 2022:
$15.665 billion (2022 est.)
Imports 2023:
$17.816 billion (2023 est.)
Imports 2024:
$18.915 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
cars, refined petroleum, packaged medicine, natural gas, garments (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Turkey 16%, USA 13%, Russia 11%, China 8%, Germany 6% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
5.4% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
steel, machine tools, electrical appliances, mining (manganese, copper, gold), chemicals, wood products, wine
Inflation rate (consumer prices)
1.11%
Inflation rate (consumer prices) 2022:
11.9% (2022 est.)
Inflation rate (consumer prices) 2023:
2.5% (2023 est.)
Inflation rate (consumer prices) 2024:
1.1% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
1.833 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
1.89 million persons
Labor force - by occupation
agriculture:
33.95%
industry:
16.57%
services:
49.48%
Population below poverty line
11.8% (2023 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
40 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2023:
43.4% of GDP (2023 est.)
Real GDP (purchasing power parity)
$104.64 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$77.838 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$83.935 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$91.849 billion (2024 est.)
Real GDP growth rate
9.68%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
11% (2022 est.)
Real GDP growth rate 2023:
7.8% (2023 est.)
Real GDP growth rate 2024:
9.4% (2024 est.)
Real GDP per capita
$28,285
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$21,000 (2022 est.)
Real GDP per capita 2023:
$22,600 (2023 est.)
Real GDP per capita 2024:
$25,000 (2024 est.)
Remittances
$4.06 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
15.4% of GDP (2022 est.)
Remittances 2023:
13.7% of GDP (2023 est.)
Remittances 2024:
11.8% of GDP (2024 est.)
Reserves of foreign exchange and gold
$4.45 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$4.886 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$5.002 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$4.447 billion (2024 est.)
Revenue (excl grants)
29 % of GDP
Tax revenue
24 % of GDP
Taxes and other revenues
23.6% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
12.1%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
11.7% (2022 est.)
Unemployment rate 2023:
11.6% (2023 est.)
Unemployment rate 2024:
11.5% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
32.4% (2024 est.)
Male:
28.4% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
29.9% (2024 est.)
Economic Rankings
GDP Growth Rate
#14
Unemployment Rate
#34
External Debt
#44
Inflation Rate
#54
GDP per Capita
#70
Imports
#97
Exports
#97
Gini Index
#98
GDP (PPP)
#100
Reserves
#104
GDP (Nominal)
#105
Quick Facts
Industries
steel, machine tools, electrical appliances, mining (manganese, copper, gold), chemicals, wood products, wine
Agricultural products
milk, grapes, potatoes, maize, wheat, tangerines/mandarins, tomatoes, barley, apples, eggs (2023)
Labor force
1.833 million (2024 est.)
Exports - partners
Azerbaijan 13%, Turkey 11%, Armenia 11%, Russia 10%, Kyrgyzstan 8% (2023)
Imports - partners
Turkey 16%, USA 13%, Russia 11%, China 8%, Germany 6% (2023)
Exchange rates
laris (GEL) per US dollar -
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