Real GDP growth was 6.1% y/y in July 2019
Economic growth in Georgia accelerated to 6.1% y/y in July 2019 after growing 5.0% y/y in previous month, according to GeoStat’s rapid estimates. In July 2019, the growth was posted in construction, manufacturing, trade and real estate sectors. Overall, real GDP growth was 5.1% y/y in 7M19. Monthly rapid estimates are based on VAT turnover, fiscal and monetary statistics.
NPLs at 2.9% in July 2019
In July 2019, the banking sector loan portfolio increased 14.8% y/y after growing 14.2% y/y in previous month, excluding the exchange rate effect. In unadjusted terms, loan portfolio was up 26.1% y/y and up 2.3% m/m to GEL 29.3bn (US$ 9.9bn). Deposits were up 8.5% y/y excluding the exchange rate effect. In unadjusted terms, deposits were up 21.8% y/y and up 1.3% m/m to GEL 25.0bn (US$ 8.6bn). Loan dollarization stood at 56.4% (+2.01ppts y/y and +0.13ppts m/m) and deposit dollarization reached 63.4% (+2.61ppts y/y and +1.03ppts m/m). NPLs stood at 2.9% in July 2019 (+0.28ppts y/y and flat m/m).
