Exports up 44.7% y/y in January 2017
In January 2017, exports increased 44.7% y/y to US$ 176.8mn, imports were up 15.5% y/y to US$ 474.4mn and the trade deficit widened 3.1% y/y to US$ 297.6mn according to GeoStat’s preliminary figures. Detailed foreign trade statistics will be available on February 20, 2017.
Money transfers up 26.1% y/y in January 2017
In January 2017, money transfers increased 26.1% y/y to US$ 83.9mn after growing 16.7% y/y in previous month, according to NBG. Money transfers were up from all major remitting countries: Russia (+33.5% y/y, 31.5% of total), Italy (+12.1% y/y, 11.4% of total), USA (+25.8% y/y, 11.3% of total), Greece (+17.8% y/y, 11.1% of total) and Israel (+99.2% y/y, 7.6% of total).
Georgia ranks 13th in the 2017 Economic Freedom Index
According to the 2017 Index of Economic Freedom by the Heritage Foundation, Georgia is ranked as 13th freest (from 23rd in 2016) economy out of 186 countries and 5th freest in Europe’s 44 countries, falling behind Switzerland, Estonia, Ireland and UK.
Georgia’s overall score has increased by 3.4 points to 76 compared to 2016, and the country remains in the “mostly free” category. According to the report, Georgia’s government has maintained strong momentum in liberalizing economic activity while taking steps to restore fiscal discipline. Public debt and budget deficits remain under control. Open-market policies, supported by competitively low tax rates and regulatory efficiency, have facilitated flows of trade and investment.
