Each month/quarter, PBO issues short macroeconomic reviews. Those monthly/quarterly reviews, which are based on information from the Geostat, National bank of Georgia and Ministry of Finance and use PBO estimations, provide information on the monthly/quarterly status of core macro aggregates.

HIGHLIGHTS

• In Q1 2023, according to preliminary estimate real GDP increased by 7.2%. Should be remarked, that real GDP growth is in accordance to forecasted 7.2% in February by parliamentary budget office.
• In Q1 2023, annual inflation amounted to 7.6%, which was primarily driven by increasing prices on food and non-alcoholic beverages.
• In Q1 2022, positive overall balance of consolidated budget amounted to GEL 98.4 million.
• Public debt in nominal terms shows decreasing trend. The share of external debt in total public debt decreased, either. Namely, the share of external debt made up 75.2%, while the same indicator in Q1, 2022 was 80.2%.
• In Q4* 2022, current account balance improved. Namely, current account negative balance amounted to USD 540.0 million.
• In Q1 2023, the amount of international reserves reached historical maximum and amounted to USD 5,003.8 million.
• In Q1 2023, the share of the export in external trade decreased from 29.9% to 30.6% YoY.
• In Q1 2023, remittances increased by 130.3% YoY and amounted to USD 1,255.7 million.
• Monetary policy (refinancing) rate remains unchanged at 11.0% in Q1, 2023.
• The exchange rate of GEL shows appreciation trend. GEL appreciated against USD by 3.7% QoQ and by 18.1% YoY
• Dollarization coefficient decreased on both deposits and loans YoY

For details on other economic parameters, see Full document.