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 January* 2023 annual economic growth amounted to 8.4% YoY. Should be marked high economic growth rates and fast recovery process compared to 2019, pre pandemic period.
• Annual consumer price inflation amounted to 8.1% in February 2023, which was primarily driven by increasing prices on food and non-alcoholic beverages.
• In January *, general government revenues increased by 25.1% YoY, while expenses increased by 14.4% YoY.
• In January*, commercial bank loans amounted to 43.5 billion GEL. As for loans issued by types of activity, the highest were issued in trade, industry and construction.
• In January*, exports increased by 38.5%, while imports increased by 25.2% YoY. Trade turnover amounted to 1,462 million USD.
• In January* money transfers amounted 445.0 million USD. The main source of money transfers are Russia (60.1% of total) and EU countries (20.4%).
• In February, international reserves amounted to 4,720 million USD.
• In January*, the dollarization on deposits decreased while on loans increased slightly MoM.
• In February, GEL appreciated against USD (by 1.1%), while appreciated against EUR (by 1.5%) MoM

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