Real GDP grew 4.9% y/y in February 2015
Real GDP expanded by 4.9% y/y in February 2015, according to GeoStat’s rapid estimates, and output growth averaged 2.7% y/y in 2M15. Monthly rapid estimates are based on VAT turnover, fiscal and monetary statistics.
CPI inflation rate was 2.6% y/y and 1.2% m/m in March 2015
The annual inflation rate was 2.6% in March 2015, according to GeoStat. Overall price changes were driven by price increases on food and non-alcoholic beverages (+3.7% y/y, 1.15ppts), health (+6.0% y/y, 0.63ppts), and alcoholic beverages and tobacco (+9.9 y/y, 0.50ppts), while prices in the transport group decreased by 6.6% y/y (-0.79ppts).
The monthly inflation rate was 1.2% in March 2015. Price increases on food and non-alcoholic beverages (+1.2% m/m, 0.37ppts), household appliances (+4.4% m/m, 0.28ppts), and transport (+1.3% m/m, 0.15ppts) had the largest impact.
Tax revenues increased 11.1% y/y in 1Q15 and 17.5% y/y in March 2015
Consolidated budget tax revenues increased by 11.1% y/y, reaching GEL 1.9bn (102.4% of the budgeted amount) in 1Q15. Personal income tax revenues increased 4.9% y/y (accounting for 26.3% of total), VAT receipts by 11.8% y/y (44.9% of total), excise tax receipts by 11.3% y/y (9.3% of total), and profit tax receipts by 26.4% y/y (16.9% of total); the rest – receipts from property tax and custom duties – decreased, but they have a minor share in total tax revenues. In 1Q15, state budget capital expenditures reached 108.6% of budgeted amount, according to MOF. Tax revenue grew 17.5% y/y in March, with VAT and profit tax revenues increasing 24.7% y/y and 28.3% y/y respectively (accounting for 67% of total).
International arrivals down 2.3% y/y and up 32.7% m/m in March 2015
Tourist arrivals fell 2.3% y/y and increased 32.7% m/m to 385,970 visitors in March 2015, according to MIA. Azerbaijan was the top country by arrivals (28.6% of total), followed by Turkey (24.9%), Armenia (23.6%), Russia (12.8%), and Ukraine (2.3%), while arrivals from EU grew 24.7% y/y, reaching 3.9% of total.
