IN NOVEMBER 2024, GEORGIA’S REAL GDP GROWTH MADE UP 7.5%
In November 2024, compared to the corresponding period of 2023, Georgia’s real GDP growth made up 7.5%, Sakstat reported (estimation). For the first 11 months of the year, the average growth rate made up 9.4%.
IN DECEMBER 2024, ANNUAL INFLATION IN GEORGIA MADE UP 1.9%
In December 2024, compared to the corresponding period of 2023, the inflation rate in Georgia made up 1.9% (against of target of 3%), Sakstat reported. If compared to the previous month (i.e. November), inflation made up 0.7%.
AS OF SEPTEMBER 30, 2024, GEORGIA’S RATIO OF NET INTERNATIONAL INVESTMENT POSITION TO GDP MADE UP NEGATIVE 90.5%
As of September 30, 2024, Georgia’s net international investment position made up negative $29.8 billion, the National Bank of Georgia reports. The volume corresponds to 90.5% of the country’s GDP for the last 4 quarters.
AS OF SEPTEMBER 30, 2024, GEORGIA’S TOTAL FOREIGN DEBT MADE UP 76.9% OF GDP
As of September 30, 2024, Georgia’s total foreign debt amounted to $25.3 billion, the National Bank of Georgia (NBG) reported. This volume corresponds to 76.9% of the country’s GDP for the last 4 quarters.
NBG: IN Q3 OF 2024, RATIO OF CURRENT ACCOUNT BALANCE TO GDP IMPROVED
In the 3rd quarter of 2024, ratio of the country’s current account balance to GDP has improved from negative 0.2% to 0.7%, the National Bank of Georgia (NBG) reported. As NBG noted, the balance has improved year-on-year by $75.1 million.
AS OF END OF 2024, INTERNATIONAL RESERVE ASSETS OF NBG DECREASED BY 11.2% Y-O-Y
The National Bank of Georgia (NBG) reported that as of December 31, 2024, its official international reserve assets amounted to $4.45 billion (estimation). If compared to the same period in 2023, the volume has decreased by 11.2%.
“GALT&TAGGART” SLIGHTLY DECREASED FORECAST OF GEORGIAN ECONOMIC GROWTH IN 2024
In its weekly review of January 6, Galt&Taggart declared about decrease of forecast of Georgia’s economic growth in 2024 to 9.4% from the previous 9.7%. As the company noted, the forecast was revised because of lower-than-expected actual economic growth in November.
IN GEORGIA, LEGISLATIVE AMENDMENTS ON AGROTOURISM AND WINE TOURISM SUBJECTS BECAME EFFECTIVE
On January 1, amendments to Georgian Tax Code entered into force, which apply to category of persons with the status of subjects of agrotourism and wine tourism.
The amendments determine that the taxable income of a person having this status is taxed at the rate of 1%, if his/her total income during the calendar year does not exceed 700,000 lari.
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