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 13.0% YoY.
- In August, annual CPI inflation amounted to 1.0% YoY, lower than the inflation target of 3.0%. Annual inflation was predominantly driven by the dynamics of prices on transport, alcoholic beverages and tobacco, restaurants, hotels, education.
- In July* 2024, general government revenues increased by 11.8% YoY, while expenses increased by 15.4% YoY.
- In July * 2024, commercial bank loans to the national economy increased by 19.4% YoY and amounted to 55.3 billion GEL. As for loans issued by types of activity, the highest were issued in trade, construction and industry.
- In January - July*, export of goods decreased by 1.3%, while imports increased by 2.9% YoY. As a result, trade turnover amounted to 12,566.8 million USD (1.6% increase YoY).
- In July*, money transfers into Georgia decreased by 1.8% YoY and amounted to 298.1 million USD. The main source of money transfers were EU countries (43.0% of total), USA (16.9%) and Russia (15.3%).
- In August, international reserves amounted to 4,842 million USD, which is a 10.9% decrease YoY and 3.7% increase MoM.
- In July*, the dollarization on deposits as well as on loans decreased MoM.
- In August 2024, GEL appreciated against USD by 1.3%, against TRY by 3.5% and depreciated against EUR by 0.1% MoM.
- In August, the currencies of the region countries stand out with a tendency of depreciation towards USD, except RUB.
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