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 Q3 2022, according to preliminary estimate real GDP increased by 9.7%. Should be remarked, that real GDP growth is higher compared to forecasted 7.9% in August by parliamentary budget office. GDP showed better-than-expected economic growth.
• In Q3 2022, annual inflation amounted to 11.3%, which was primarily driven by increasing prices on food and non-alcoholic beverages.
• In Q3 2022, negative overall balance of consolidated budget amounted to GEL 768.4 million.
• Public debt in nominal terms shows decreasing trend. The share of external debt in total public debt decreased, either. Namely, the share of external debt made up 76.3%, while the same indicator in Q3, 2021 was 82.0%.
• In Q2* 2022,current account balance improved significantly. Namely, current account negative balance decreased by 49.0% and amounted to USD 252.1 million.
• In Q3 2022, the amount of international reserves reached historical maximum and amounted to USD 4,313 million.
• In Q3 2022, the share of the export in external trade increased from 28.8% to 30.6% YoY.
• In Q3 2022, remittances increased by 64.9% YoY and amounted to USD 1,027.5 million.
• Monetary policy (refinancing) rate remains unchanged at 11.0% since March, 2022.
• The exchange rate of GEL shows appreciation trend. GEL appreciated against USD by 2.8% QoQ and by 10.5% YoY
• Dollarization coefficient decreased on both deposits and loans YoY

For details on other economic parameters, see Full document.