Real GDP grew 5.3% y/y in November 2015
Georgia’s real GDP grew 5.3% y/y in November 2015, according to GeoStat’s rapid estimates. As a result, output growth averaged 3.0% y/y in 11M15. Monthly rapid estimates are based on VAT turnover, fiscal and monetary statistics. 

NPLs at 3.1%, down 0.4ppts y/y
In November 2015, the loan portfolio grew 8.1% y/y, excluding the exchange rate effect (+27.8% y/y and +0.1% m/m in unadjusted terms), to GEL 15.8bn (US$ 6.6bn). Deposits grew 5.7% y/y, excluding the exchange rate effect (+26.0% y/y and +1.4% m/m in unadjusted terms), reaching GEL 14.1bn (US$ 5.8bn). NPLs remain under control at 3.1% in November 2015, unchanged m/m and down 0.4ppts y/y.

Tax revenues overperformed in 2015
Consolidated budget tax revenues increased 8.8% y/y to GEL 836.7mn in December 2015 and 10.6% y/y to GEL 8.0bn in 2015 (0.4% above the annual plan), according to the Treasury Service. In 2015, personal income tax revenues grew 14.7% y/y (27.8% of total), VAT receipts +6.3% y/y (43.8% of total), profit tax receipts +23.7% y/y (12.8% of total), excise tax +7.5% y/y (10.9% of total), and property tax +18.1% y/y (3.6% of total). Receipts from custom duties decreased, but it has a minor share in total tax revenues.