Real GDP grew 2.2% y/y in 2016
Georgia’s real GDP growth averaged 1.2% y/y in 4Q16 (growth was 1.3% in October, 2.0% in November and 0.3% in December), according to GeoStat’s rapid estimates. As a result, output growth averaged 2.2% in 2016 after growing 2.9% in 2015, based on preliminary data. Monthly rapid estimates are based on VAT turnover, fiscal and monetary statistics. Detailed 2016 GDP statistics will be published on 30 March 2017.
Tax revenues up 26.3% y/y in January 2017
Consolidated budget tax revenues were up 26.3% y/y to GEL 712.5mn in January 2017. The 2017 consolidated budget tax revenues are planned at GEL 9.5bn (+8.6% compared to 2016 actual tax revenues).
Inflation rate at 3.9% y/y and 2.9% m/m in January 2017
The annual CPI inflation was 3.9% in January 2017 after 1.8% inflation in previous month, according to GeoStat. Core inflation was at 2.8% in January. Overall price changes were driven by price increases in transport (+10.8% y/y, +1.35ppts), alcoholic beverages and tobacco (+18.9% y/y, +1.14ppts), and food and non-alcoholic beverages (+3.3% y/y, +0.99ppts), categories.
On a monthly basis, prices rose 2.9% in January 2017. Price increases in food and non-alcoholic beverages (+4.2% m/m, +1.27ppts), and transport (+7.2% m/m, +0.94ppts) categories were the major drivers of monthly inflation dynamics.
