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Monthly Macroeconomic Review 2017 October

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.

In September 2017, real GDP growth amounted to 5% YoY. According to VAT turnover, this growth was predominantly driven by trade and manufacturing industry. In January-September 2017, average growth of real GDP equaled 4.7%. As for inflation, in October 2017, annual inflation totaled 6.4%, while GDP deflator made up 7% in September. With regard to external trade, in January-September 2017, following economic recovery in major partner countries and increase in external demand, YoY increase was 28.3% in exports (26.7% increase excluding re-export) and 7.4% in imports. During this period, the share of exports in external trade turnover increased from 22% to 26%. Subsequently, the trade deficit fell by 1.1% YoY. In September 2017, money transfers from abroad increased by 24.2 YoY%. In October, official international reserves grew by 6.7% YoY and equaled USD 2,945 million.