Each month/quarter, PBO issues short macroeconomic reviews. Those monthly/quarterly reviews, which are based on information from the Geostat, National bank of Georgia and Ministry of Finance and use PBO estimations, provide information on the monthly/quarterly status of core macro aggregates.

HIGHLIGHTS

• In Q2 2023, according to preliminary estimate real GDP increased by 7.4%. Should be remarked, that real GDP growth is in more than forecasted 6.4% in May by parliamentary budget office.
• In Q2 2023, annual inflation amounted to 1.6%, lower than the inflation target of 3.0%.
• In Q2 2022, positive overall balance of consolidated budget amounted to GEL 77.4 million.
• Public debt in nominal terms shows increasing trend. The share of external debt in total public debt decreased. Namely, the share of external debt made up 74.1%, while the same indicator in Q2, 2022 was 78.9%.
• In Q1* 2023, current account balance improved. Namely, current account negative balance amounted to USD 201.4 million.
• In Q2 2023, the amount of international reserves reached historical maximum and amounted to USD 5,066.7 million.
• In Q2 2023, the share of the export in external trade increased from 29.8% to 30.3% YoY.
• In Q2 2023, remittances decreased by 10.5% YoY and amounted to USD 1,111.3 million.
• Monetary policy (refinancing) rate decreased to 10.5% since May, 2023.
• The exchange rate of GEL shows appreciation trend. GEL appreciated against USD by 3.0% QoQ and by 17.1% YoY
• Dollarization coefficient decreased on both deposits and loans YoY

For details on other economic parameters, see Full document.