Economy Of Georgia
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Economy overview
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Georgia's main economic activities include the cultivation of agricultural products such as citrus fruits, tea, hazelnuts, and grapes; mining of manganese and copper; and output of a small industrial sector producing alcoholic and nonalcoholic beverages, metals, machinery, and chemicals. The country imports the bulk of its energy needs, including natural gas and oil products. Its only sizable internal energy resource is hydropower. Despite the severe damage the economy has suffered due to civil strife, Georgia, with the help of the IMF and World Bank, has made substantial economic gains since 1995, achieving positive GDP growth and curtailing inflation. However, the Georgian Government suffers from limited resources due to a chronic failure to collect tax revenues. Georgia also suffers from energy shortages; it privatized the T'bilisi distribution network in 1998, but collection rates are low, making the venture unprofitable. The country is pinning its hopes for long-term growth on its role as a transit state for pipelines and trade. The start of construction on the Baku-T'bilisi-Ceyhan oil pipeline and the Baku-T'bilisi-Erzerum gas pipeline will bring much-needed investment and job opportunities.
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GDP
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purchasing power parity - $12.18 billion (2004 est.)
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GDP - real growth rate
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5.5% (2004 est.)
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GDP - per capita
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purchasing power parity - $2,500 (2004 est.)
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GDP - composition by sector
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agriculture: 20.5%
industry: 22.6%
services: 56.9% (2004 est.)
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Investment gross fixed
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18% of GDP (2004 est.)
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Population below poverty line
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54% (2001 est.)
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Household income or consumption by percentage share
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lowest 10%: 2.3%
highest 10%: 27.9% (1996)
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Distribution of family income - Gini index
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37.1 (1996)
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Inflation rate consumer prices
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4.8% (2004 est.)
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Labor force
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2.1 million (2001 est.)
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Labor force by occupation
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agriculture 40%, industry 20%, services 40% (1999 est.)
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Unemployment rate
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17% (2001 est.)
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Budget
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revenues: $603.5 million
expenditures: $700.5 million, including capital expenditures of NA (2004 est.)
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Public debt
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Agriculture products
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citrus, grapes, tea, hazelnuts, vegetables; livestock
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Industries
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steel, aircraft, machine tools, electrical appliances, mining (manganese and copper), chemicals, wood products, wine
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Industrial production growth rate
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3% (2000)
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Electricity production
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7.27 billion kWh (2001)
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Electricity production by source
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fossil fuel: 19.7%
hydro: 80.3%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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7.611 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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850 million kWh (2001)
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Oil production
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2,000 bbl/day (2001 est.)
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Oil consumption
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31,500 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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60 million cu m (2001 est.)
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Natural gas consumption
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1.16 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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1.1 billion cu m (2001 est.)
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Natural gas proved reserves
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Current account balance
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$-365 million (2004 est.)
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Exports
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$615 million (2004 est.)
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Exports commodities
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scrap metal, machinery, chemicals; fuel reexports; citrus fruits, tea, wine
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Exports partners
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Russia 17.7%, Turkey 17.3%, Turkmenistan 12.2%, Armenia 8.6%, Switzerland 6.9%, Ukraine 6.3%, UK 5.9% (2003)
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Imports
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$1.25 billion (2003 est.)
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Imports commodities
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fuels, machinery and parts, transport equipment, grain and other foods, pharmaceuticals
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Imports partners
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Russia 14%, UK 12.9%, Turkey 9.9%, Azerbaijan 8.3%, US 8%, Germany 7.3%, Ukraine 7%, France 4.9% (2003)
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Reserves of foreign exchange gold
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$190.7 million (2004 est.)
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Debt external
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$1.8 billion (2002)
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Economic aid recipient
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ODA $150 million (2000 est.)
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Currency
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lari (GEL)
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Currency code
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GEL
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Exchange rates
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lari per US dollar - 2.1457 (2003), 2.1957 (2002), 2.073 (2001), 1.9762 (2000), 2.0245 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Georgian Translation , English to Russian Translation , English to Armenian Translation .
This information was reproduced in part from the CIA World Fact book.
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