Real GDP growth revised up to 4.9% in 1Q19
1Q19 economic growth in Georgia was revised up to 4.9% from 4.7% rapid estimate figure according to Geostat. In 1Q19, the fastest growing sectors in real terms were: education (+15.7% y/y), hotels and restaurants (+13.1% y/y), transport and communication (+12.7% y/y), healthcare (+11.4% y/y), real estate operations (+11.1% y/y) and trade (+6.7% y/y). Meanwhile, real growth was down in construction (-9.6% y/y), mining (-3.8% y/y) and manufacturing (-2.0% y/y).
Trade deficit was down 14.4% y/y in May 2019
In May 2019, exports increased by 3.5% y/y to US$ 334.2mn, imports were down 7.3% y/y to US$ 751.9mn and the trade deficit narrowed 14.4% y/y to US$ 417.7mn, according to Geostat.
In May 2019, copper (+41.3% y/y), cars (+75.4% y/y), ferro-alloys (-47.4% y/y), wine (+9.5% y/y) and pharmaceuticals (+22.0% y/y) were the top 5 exported commodities. A 25.3% (+56.9% y/y) of exports were directed to the EU, 51.8% (+12.8% y/y) to the CIS and 22.9% (-33.8% y/y) to other countries.
In May 2019, petroleum (-16.1% y/y), cars (-2.3% y/y), copper (+230.1% y/y), pharmaceuticals (+9.7% y/y) and phones (-10.7% y/y) represented the top 5 imported commodities.
Overall, in 5M19, exports increased 14.2% y/y to US$ 1.5bn, imports were down 3.6% y/y to US$ 3.5bn and the trade deficit improved by 13.4% y/y to US$ 2.0bn.
Producer prices up 4.1% y/y in May 2019
Producer price index was up 4.1% y/y in May 2019. Price changes in manufacturing (+6.3% y/y) and electricity, gas, steam and hot water (-10.2% y/y) contributed the most to the overall index change.
