General information about Georgia

Area: 69,700 sq.km 

Boarders: Southeast - Azerbaijan, Southwest - Turkey, North - Russia, South - Armenia.

Geography: mountain ranges and hills comprise 80% of Georgian territory. The country is situated between 40 - 47 degrees E and 41 - 44 degrees N

Population of Georgia (thousand persons): 3718,2 (as of 1 January 2017)

Capital: Tbilisi

Other main cities: Batumi, Kutaisi, Rustavi, Sokhumi, Gori, Poti, Zugdidi, Telavi 

Language: Georgian; Georgian and Abkhaz in the Autonomous Republic of Abkhazia 

Ethnic groups (Census 2014): Georgians - 86.8%;  Azeris - 6.3 %; Armenians- 4.5 %; Russians -0,7%; Other - 1.7%

National currency: Georgian Lari

Macroeconomic Policy and Overview   

Economic policy is oriented on ensuring:

- Inclusive, sustainable and fast economic growth;

- structural improvement of the economy

- Macroeconomic stability;

- Fiscal discipline;

- Low levels of unemployment;

- Price stability;

- Monetary policy independence;

- Gradual reduction in the current account deficit;

- Financial sector stability;

- Further improvement of the investment climate. 

- Economic Policy is based on free market principles, thus ensuring private sector   

  development and creation of favorable business environment.

Overview:  

In 2017, the GDP growth rate was 4.8 percent (preliminary data). According to preliminary estimate, GDP in current prices amounted to 37 515.5 mln GEL or 15 006.2 mln. USD and GDP per capita equaled to GEL 10 083.7 (4 033.5 USD).

In January 2018, real GDP growth rate was 4.4 percent compared to the same period of 2016. According to IMF forecast real GDP growth will be 4.2 percent in 2018.

In 2017, annual average inflation rate amounted to 6.0 percent.

In January and February of 2018, annual inflation rate has decreased and converged to the target level.  In January, inflation rate amounted to 4.3% and in February equaled to 2.9%.

The last four years was a period of recovery in foreign direct investments. In 2017 foreign direct investments amounted to USD 1.86 billion (preliminary data), represented 16 percent annual growth. In the 4th quarter of 2017, foreign direct investment increased by 89 percent and amounted to USD 497 million.

In the 2017 the foreign trade turnover amounted to 10 709 ml. USD (13.8% increase in comparison with the last year), where the export was 2 728 ml. USD (29.1% increase) and import – 7 981 ml. USD (9.4% increase). The negative trade balance of Georgia was equal to 5 253 ml. USD. 

According to the preliminary data in January, Export increased by 26% (USD 46 million) and amounted to USD 176.8 million, and Import increased by 18.2% (USD 91.3 million) and amounted to USD 502.6  million.

Official Holidays 2018

Climate

The climate is dry and continental in eastern Georgia with hot summers and mild winters. The climate in western Georgia and on the Black Sea coast is warm and semitropical. 

Flora and Fauna

Despite its small territory Georgia is home to highly diverse flora. The country's varied geographical and climatic zones have given rise to a wide variety of plant species. The flora of western and eastern Georgia are quite distinct. The climate is dry and semidry in non coniferous zones of eastern Georgia and therefore green areas and foliage are sparse there. Western Georgia, with its wet climate, is distinguished by dense forests and a diverse range of plants. Georgia's fauna represents a mixture of Central Asian and African fauna.