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 September* annual economic growth amounted to 8.3% YoY.
- In October, annual CPI inflation amounted to 0.3% YoY, lower than the inflation target of 3.0%. Annual inflation was predominantly driven by the dynamics of prices on restaurants and hotels, education, alcoholic beverages and tobacco, and food and non-alcoholic beverages.
- In September*, general government revenues increased by 21.7% YoY, while expenses increased by 6.9% YoY.
- In September*, commercial bank loans to the national economy increased by 20.6% YoY and amounted to 57.5 billion GEL. As for loans issued by types of activity, the highest were issued in trade, construction and industry.
- In January - September*, export of goods increased by 4.1%, while imports increased by 3.6% YoY. As a result, trade turnover amounted to 16,777.7 million USD (3.7% increase YoY).
- In September*, money transfers into Georgia decreased by 1.1% YoY and amounted to 283.4 million USD. The main source of money transfers were EU countries (45.6% of total), USA (17.3%) and Russia (12.6%).
- In October, international reserves amounted to 4,085 million USD, which is a 20.2% decrease YoY and 13.3% decrease MoM.
- In September* 2024, the dollarization increased on deposits, while remained unchanged on loans MoM.
- In October, GEL depreciated against USD by 0.7%, appreciated against EUR by 1.1% and depreciated against TRY by 0.1% MoM.
- In October 2024, the currencies of the region countries stand out with a tendency of depreciation towards USD, except AMD and RUB .
Find the document in interactive format at the following link: https://infogram.com/monthly-macroeconomic-review-october-2024-1h9j6q7pzrkpv4g?live
For more details, see the complete document in PDF format
