Macroeconomic Overview of Georgian Economy
The Free Trade Agreement with the EU, which came into force September 1, 2014, set a clear road map for the country to further streamline and harmonize economic policy towards European standards. Given occurrence and the recent trend of upbeat economic data are laying the groundwork for further economic growth.
Following trends and numbers support the forecast that economic growth will be stable and sustainable in foreseeable future:
- Evident Growth in investment sector in 2014
- 5 % of forecasted growth in output in 2014
- Continous growth of export amounts
- Stable, low inflation at rate of 2 % in the first half of 2014
Key Macroeconomic Indicators (2014)
| Georgia | Armenia | Azerbaijan | |
| GDP (Billion USD) |
15. 328 |
10.43 | 73.56 |
| GDP Per Capita (USD) | 7 165 | 7774 | 17 139 |
| Real GDP Growth | 3.2 % | 3.4 % | 5.8 % |
| Inflation Rate | 4.8 % | 5.8 % | 5.4 % |
Industry Specific Data
Construction sector in Georgia is one of the most diverse and vastly developed industries. In 2014 accounting for 23% of total FDI, 7% of total turnover and 7.3% of GDP, last year it gained 28.5% increase in activity, becoming the most important industry for Georgian economy.
Growths trends are attractive
- Building and Construction sector makes up 7.3% of the country GDP
- Total Quantity of employed people in Construction sector in 2014 - 119,826
- Total investments in fixed assets in construction - up to 350 mln GEL
