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 2024, according to preliminary estimate real GDP increased by 9.5%, which is more than the forecasted 7.6% by the Parliamentary Budget Office.
• In Q2 2024, annual inflation amounted to 1.9%, lower than the inflation target of 3.0%.
• In Q2 2024, positive overall balance of consolidated budget amounted to GEL 23.9 million.
• In Q2 2024, an increasing trend was observed in terms of public debt. The share of external debt in total public debt decreased. Namely, the share of external debt made up 73.1%, while the same indicator in Q2, 2023 was 74.1%.
• In Q1* 2024, current account balance improved. Namely, current account negative balance amounted to USD 351.2 million, 5.5% less YoY.
• In Q2 2024, the amount of international reserves reached to USD 4,581.0 million, 9.6% decrease YoY.
• In Q2 2024, the share of the export in external trade in Goods decreased from 29.0% to 27.7% YoY.
• In Q2 2024, remittances to Georgia decreased by 24.5% YoY and amounted to USD 843.9 million.
• Monetary policy (refinancing) rate decreased to 8.00% at the end of Q2, 2024.
• GEL depreciated against USD by 2.5% QoQ and by 6.6% YoY.
• Dollarization coefficient decreased on deposits, while increased on loans YoY.

Find the document in interactive format at the following link: https://infogram.com/quarterly_macroeconomic_review_2q_2024-1h0n25ok7lqjz4p?live

For more details, see the complete document in PDF format