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 October 2017, real GDP growth amounted to 5.7% YoY. According to VAT turnover, this growth was predominantly driven by trade and manufacturing industry. In January-October 2017, average growth of real GDP equaled 4.9%. As for inflation, in November 2017, annual inflation totaled 6.9%, while GDP deflator made up 6.7% in October. With regard to external trade, in January-October 2017, following economic recovery in major partner countries and increase in external demand, YoY increase was 29.4% in exports and 7.8% in imports. During this period, the share of exports in external trade turnover increased from 22% to 26%. Subsequently, the trade deficit fell by 0.9% YoY. In October 2017, money transfers from abroad increased by 20% YoY. In November, official international reserves grew by 7.9% YoY and equaled USD 2,999 million.