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 2023, according to preliminary estimate real GDP increased by 5.4%. Should be remarked, that real GDP growth is in less than forecasted 6.9% in August by parliamentary budget office.
- In Q3 2023, annual inflation amounted to 0.6%, lower than the inflation target of 3.0%.
- In Q3 2023, negative overall balance of consolidated budget amounted to GEL 834.5 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 73.7%, while the same indicator in Q3, 2022 was 76.3%.
- In Q2* 2023, current account balance worsened. Namely, current account negative balance amounted to USD 366.0 million.
- In Q3 2023, the amount of international reserves reached to USD 5,273.2 million.
- In Q3 2023, the share of the export in external trade decreased from 30.0% to 28.7% YoY.
- In Q3 2023, remittances decreased by 15.1% YoY and amounted to USD 872.0 million.
- Monetary policy (refinancing) rate decreased to 10.0% since September, 2023.
- GEL depreciated against USD by 2.4% QoQ and appreciated by 7.7% YoY.
- Dollarization coefficient decreased on both deposits and loans YoY.
For details on other economic parameters, see Full document.
