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 July* annual economic growth amounted to 5.5% YoY. Should be marked high economic growth rates and fast recovery process compared to 2019, pre pandemic period.
• Annual consumer price inflation amounted to 0.9% in August, higher than the inflation target of 3%, primarily driven by increasing prices on food and non-alcoholic beverages and housing.
• In July*, general government revenues increased by 29.7% YoY, while expenses increased by 25.8% YoY.
• In July*, commercial bank loans amounted to 46.4 billion GEL. As for loans issued by types of activity, the highest were issued in trade, construction and industry.
• In January - July*, exports increased by 15.9%, while imports increased by 19.0% YoY. Trade turnover amounted to 12,106 million USD.
• In July* money transfers amounted to 301.1 million USD. The main source of money transfers are EU countries (38.4% of total) and Russia (24.5%).
• In August, international reserves reached historical maximum and amounted to 5,437 million USD.
• In July*, the dollarization on deposits and on loans increased slightly MoM.
• In August, GEL depreciated against USD (by 0.9%) and appreciated against EUR (by 0.2%) MoM.

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