Loan portfolio up 23.8% y/y and deposits up 20.2% y/y in December 2014

Loans and deposits continued growing according to NBG. Loan portfolio increased 23.8% y/y, reaching GEL 13.0bn (US$ 7.0bn) and deposits grew 20.2% y/y totaling GEL 11.6bn (US$ 6.2bn) as of December 2014. Banking sector net profit increased 22% y/y and reached GEL 474.8mn (US$ 268.9mn) in 2014.

Real GDP up 4.7% y/y in 2014 and up 1.9% y/y in December

Real GDP growth slowed to 1.9% y/y in December according to GeoStat rapid monthly estimates. As a result 4Q14 real GDP growth was estimated at 1.6% y/y and output increased 4.7% y/y in 2014.