Economy of Georgia (country)

Economy of Georgia
	Top: Batumi, the financial centre of Georgia; Bottom: Tbilisi, capital of Georgia
Currency	Georgian lari (GEL)
Fiscal year	1 January – 31 December
Trade organisations	WTO, GUAM, BSEC and others
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	3,688,600 (1 January 2023)
GDP	$35.982 billion (est, 2024); $80.87 billion (PPP, 2024);
GDP rank	102nd (nominal, 2023); 92nd (PPP, 2023);
GDP growth	10.1% (2022); 6.1% (2023); 6.5% (2024);
GDP per capita	$8,573 (est, 2024); $24,040(PPP, 2024);
GDP per capita rank	80th (nominal, 2023); 64th (PPP, 2023);
GDP by sector	Industry – 24.6%; Trade – 12.4%; Construction – 11.3%; Transport & Communication – 9.5%; Agriculture – 8.1%; Other activities – 34.1%; (2015);
Inflation (CPI)	5.9% (2023)
Population below poverty line	13.1% in poverty (2023); 55% on less than $6.85/day (2021);
Gini coefficient	34.2 medium (2021)
Human Development Index	0.804 very high (2022) (63rd); 0.721 high IHDI (2022);
Labour force	2,011,755 (2019); 44% employment rate (2022);
Labour force by occupation	agriculture: 8.2%; industry: 23.7%; services: 67.9%; (2017 est.);
Unemployment	16.7% (2023)
Average gross salary	GEL 1804 / €634 / $671 monthly (2023*)
Average net salary	GEL 1,543 / €542 / $574 monthly (2023*)
Main industries	steel, machine tools, electrical appliances, mining (manganese, copper, gold), chemicals, wood products, wine
External
Exports	$6.09 billion (2023)
Export goods	vehicles, ferro-alloys, fertilizers, nuts, scrap metal, gold, copper ores
Main export partners	China 12.6%; Russia 12.2%; Azerbaijan 10.5%; Turkey 7.48%; Ukraine 6.16%; Bulgaria 6.11%; Armenia 5.07%; United States 4.72%; Switzerland 2.64%; Romania 2.59%; (2021);
Imports	$15.43 billion (2023)
Import goods	fuels, vehicles, machinery and parts, grain and other foods, pharmaceuticals
Main import partners	Turkey 17.4%; China 9.43%; Russia 9.29%; United States 6.66%; Azerbaijan 6.3%; Germany 4.52%; Ukraine 4.22%; Italy 2.64%; Brazil 2.53%; France 2.4%; (2021);
FDI stock	$17.47 billion (31 December 2017 est.); Abroad: $2.477 billion (31 December 2017 est.);
Current account	−$1.348 billion (2017 est.)
Gross external debt	$16.99 billion (31 December 2017 est.)
Public finances
Government debt	44.9% of GDP (2017 est.)
Budget balance	−3.8% (of GDP) (2017 est.)
Revenues	4.352 billion (2017 est.)
Expenses	4.925 billion (2017 est.)
Economic aid	ODA $626.0 million USD (2010)
Credit rating	Standard & Poor's:; BB- (Domestic); BB- (Foreign); BB (T&C Assessment); Outlook: Stable; Moody's:; Ba3; Outlook: Stable; Fitch:; BB-; Outlook: Stable; Scope:; BB; Outlook: Stable;
Foreign reserves	$3.039 billion (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Georgia is an emerging free market economy. Its gross domestic product fell sharply following the dissolution of the Soviet Union but recovered in the mid-2000s, growing in double digits thanks to the economic and democratic reforms brought by the peaceful Rose Revolution. Georgia continued its economic progress since, "moving from a near-failed state in 2003 to a relatively well-functioning market economy in 2014". In 2007, the World Bank named Georgia the World's number one economic reformer, and has consistently ranked the country at the top of its ease of doing business index.

Georgia's economy is supported by a relatively free and transparent atmosphere in the country. According to Transparency International's 2018 report, Georgia is the least corrupt nation in the Black Sea region, outperforming all of its immediate neighbors, as well as nearby European Union states. With a mixed news media environment, Georgia is also the only country in its immediate neighborhood where the press is not deemed unfree.

Since 2014, Georgia is part of the European Union's Free Trade Area, with the EU continuing to be the country's largest trading partner, accounting for over a quarter of Georgia's total trade turnover. Following the EU trade pact, 2015 was marked by further increase in bilateral trade, whereas trade with the Commonwealth of Independent States (CIS) decreased precipitously.

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