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 Q4 2022, according to preliminary estimate real GDP increased by 9.5%. Should be remarked, that real GDP growth is higher compared to forecasted 8.2% in November by parliamentary budget office. GDP showed better-than-expected economic growth.
• In Q4 2022, annual inflation amounted to 10.3%, which was primarily driven by increasing prices on food and non-alcoholic beverages.
• In Q4 2022, negative overall balance of consolidated budget amounted to GEL 892.9 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 76.0%, while the same indicator in Q4, 2021 was 81.4%.
• In Q3* 2022, current account balance improved significantly. Namely, current account positive balance and amounted to USD 400.2 million.
• In Q4 2022, the amount of international reserves reached historical maximum and amounted to USD 4,901.5 million.
• In Q4 2022, the share of the export in external trade decreased from 29.4% to 28.0% YoY.
• In Q4 2022, remittances increased by 142.2% YoY and amounted to USD 1,558.4 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 3.3% QoQ and by 14.3% YoY
• Dollarization coefficient decreased on both deposits and loans YoY

For details on other economic parameters, see Full document.