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Economic Outlook and Indicators
Issue #23www.pmcg-i.com
M16.04.2014Gross Somestic Product - 2013 In 2013, real GDP increased (3.2%; 463.0 mln.GEL) compared to 2012. In 2013, the largest growth was in agriculture (9.8%; 134.4 mln.GEL) compared to the other sectors. Its contribution to real GDP growth is 0.72 percentage point. In 2013, the largest reduction was in construction (-10.6%; -124.3 mln.GEL) compared to the other sectors. This caused the reduc-tion of real GDP by 0.71 percentage point.
In 2013, the industry increased (6.9%; 200.2 mln.GEL) compared to 2012. This sector has the largest contribu-tion (0.96 percentage point) in real GDP growth (3.2%). In 2013, the agriculture (9.8%; 134.4 mln.GEL) and trade (5.1%; 109.5 mln.GEL) increased significantly. Their contribution in real GDP growth are 0.72 and 0.74 percentage point. In 2013, construction decreased significantly (-10.6%; -124.3 mln.GEL). This negatively reflected on the growth of real GDP (-0.71 percentage point). The reduction of the volume of construction is due to the slowed down of government’s projects in infrastructure.
In 2013, export has the largest contribution in forma-tion of GDP. In 2013, export increased (20.1%; 2003.7 mln.GEL) com-pared to 2012 . its share in GDP also increased (0.9 per-centage point) and equals 5.1%. In 2013, the volume of final consumption and import stayed almost unchanged. In 2013, the gross capital formation decreased (-12.2%; -922.5 mln.GEL), as a result of the reduction of govern-ment investment.
The growth rate of foreign direct investments and real GDP have the similar trends. In 2012, FDI decreased (-20.1%; -378.5 mln.GEL).This negatively reflected on GDP growth rate, which also slowed down (-1.0 percentage point) in the same peri-od and was 6.2%. In 2013, the volume of investments increased (1.1%; 15.8 mln.GEL), but the growth rate of GDP slowed down again (3.1 percentage point) compared to 2012. This may be due to the reduction of internal investments.
1.00
0.96
0.74
0.72
-0.71
0.380.08
The contribution of major sectors in real GDP growth (2013)
Other sectors
Transport and communication
Trade
Industry
Agriculture
Construction
Taxes and subsidies
0
5
10
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25
(+)Final Consumption (+)Gross Capital Formation
(+)Export (-)Import
mln
.GEL
GDP by categories of use
2012
2013
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80%
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2007 2008 2009 2010 2011 2012 2013
gro
wth
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DI (
%)
gro
wth
rate
of G
DP
(%)
The growth rate of real GDP and Foreign Direct Investments (FDI)
Growth rate of real GDP (left axis) Growth rate of FDI (right axis)
Contact Information
-2-
Source: National Statistics Office of Georgia, Ministry of Finance of Georgia, National Bank of Georgia
*projected
PMCG Research Tamar Jugheli
E-mail: [email protected]: [email protected]: (+995) 2 921171www.pmcg-i.com
Economic Outlook and Indicators
Issue # 23www.pmcg-i.com
Gross Domestic Product - 2013 16.04.2014
Basic Economic Indicators III12 IV12 2012 I 13* II 13* III 13* IV 13* 2013
Nominal GDP in current prices (mln USD) 4129 4332.2 15 846.8 3487.6 3958.4 4120.3 4552.9 16126.4
Per capita GDP (USD) 918 963.2 3 523.4 777.8 882.8 918.9 1015.4 3596.6
GDP real growth, percent 7.50% 3,0% 6.2% 2.4% 1.5% 1.4% 7.1% 3.2%
Consumer Price Index (annual average) 99.1 99.5
Foreign Direct Investment (USD) 199 233.7 911.6 226.2 232.4 238.7 217.1 914.4
Unemployment Rate - 15%
External Public Debt (mln USD) - 4739 4202
Poverty Level (registered) - 9.7%
In 2013, the production in agriculture increased (9.8%; 134.4 mln.GEL) compared to 2012. In this pe-riod, the share of agriculture in real GDP is 10.6%, while the corresponding indicator in 2012 is 10.0%. In 2013, farming animals (9.5%; 96.3 mln.GEL), pro-duction of fruits, nuts, beverage and spice crops (for example: grapes)(27.5%; 75.4 mln.GEL), cereals and other crops (13.0%; 36.9 mln.GEL) increased signif-icantly. In 2013, the export of agriculture products also in-creased significantly (51.1%; 435.4 mln.GEL).
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2007 2008 2009 2010 2011 2012 2013
Shar
e in
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P (%
)
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.GEL
The production in agriculture (constant 2003 prices) and its share in real GDP
Agriculture (left axis) Share in GDP (right axis)
In 2013, the volume of construction decreased (-10.6%; -124.3 mln.GEL) compared to 2012. The share of construction in GDP (7.4%) also decreased compared to 2012 (8.6% ). In 2013, the infrastructural projects financed by the government decreased significantly (construction of motorways, roads, airfields and sport facilities) (-39.4%; -154.2 mln.GEL). In 2013, the volume of foreign direct investments in construction increased (28.2%; 19.6 mln.GEL), which may affect positively on the volume of con-struction in 2014.0%
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2007 2008 2009 2010 2011 2012 2013
shar
e in
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The production in construction (constant 2003 prices) and its growth rate
Construction (left axis) Share in GDP (right axis)