PBO's Monthly Macroeconomic Review reflects the trends of major macroeconomic variables. The review is based on data from Geostat, National Bank of Georgia and Ministry of Finance.

• According to the GEOSTAT preliminary estimate, in December* 2022 annual economic growth amounted to 11.0% YoY. Should be marked high economic growth rates and fast recovery process compared to 2019, pre pandemic period.
• Annual consumer price inflation amounted to 9.4% in January 2023, which was primarily driven by increasing prices on food and non-alcoholic beverages.
• In December*, general government revenues increased by 26.0% YoY, while expenses increased by 8.0% YoY.
• In December*, commercial bank loans amounted to 44.2 billion GEL. As for loans issued by types of activity, the highest were issued in trade, industry and construction.
• In January-December*, exports increased by 31.8%, while imports increased by 33.2% YoY. Trade turnover amounted to 19,043 million USD.
• In December* money transfers amounted 535.3 million USD. The main source of money transfers are Russia (59.3% of total) and EU countries (19.6%).
• In January international reserves amounted to 4,899 million USD.
• In December*, the dollarization on deposits decreased while on loans increased slightly MoM.
• In January, GEL appreciated against USD (by 0.4%), while depreciated against EUR (by 1.3%) MoM.

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