Real GDP growth was 6.7% y/y in October 2018
Georgia’s economy grew by 6.7% y/y in October 2018 after growing 5.6% y/y in previous month, according to Geostat’s rapid estimates. In October 2018, the fastest growing sectors were manufacturing, trade and construction. Overall, real GDP growth was 5.1% y/y in 10M18. Monthly rapid estimates are based on VAT turnover, fiscal and monetary statistics.
NPLs at 2.8% in October 2018
In October 2018, the banking sector loan portfolio increased 19.3% y/y after growing 18.8% y/y in previous month, excluding the exchange rate effect. In unadjusted terms, loan portfolio was up 22.2% y/y and up 3.7% m/m to GEL 25.8bn (US$ 9.5bn). Deposits were up 14.2% y/y excluding the exchange rate effect. In unadjusted terms, deposits were up 17.1% y/y and up 1.6% m/m to GEL 22.2bn (US$ 8.2bn). Deposit dollarization stood at 63.4% (-3.0ppts y/y and +1.0ppts m/m) and loan dollarization was 56.4% (-0.9ppts y/y and +0.8ppts m/m). NPLs stood at 2.8% in October 2018 (-0.6ppts y/y and +0.1ppts m/m).
