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 November 2017, real GDP growth amounted to 3.7% YoY. According to VAT turnover, this growth was predominantly driven by trade. In January-November 2017, average growth of real GDP equaled 4.8%. As for inflation, in December 2017, annual inflation totaled 6.7%, while GDP deflator also made up 6.7% in November. With regard to external trade, in January-November 2017, following economic recovery in major partner countries and increase in external demand, YoY increase was 27% in exports and 8.8% in imports. During this period, the share of exports in external trade turnover increased from 23% to 26%. In November 2017, money transfers from abroad increased by 24.8% YoY. In December, official international reserves grew by 10.3% YoY and equaled USD 3,039 million.