Real GDP grew 5.3% y/y in March 2017
Georgia’s economy expanded 5.3% y/y in March 2017, after growing 4.4% y/y in previous month, according to GeoStat’s rapid estimates. Overall, in 1Q17 GDP growth was 5.0% y/y compared to 3.3% growth in 1Q16. Monthly rapid estimates are based on VAT turnover, fiscal and monetary statistics.
NPLs at 3.7% y/y in March 2017
In March 2017, the banking sector loan portfolio increased 13.0% y/y after growing 12.4% y/y in previous month, excluding the exchange rate effect. In unadjusted terms, loan portfolio was up 17.9% y/y and 0.6% m/m to GEL 18.8bn (US$ 7.6bn). Deposits were up 10.6% y/y excluding the exchange rate effect. In unadjusted terms, deposits were up 12.6% y/y and down 2.8% m/m to GEL 16.1bn (US$ 6.6bn). Deposit dollarization reached 69.2% (-1.6ppts y/y and -1.3ppts m/m). NPLs stood at 3.7% in March 2017, up 0.5ppts y/y and down 0.1ppts m/m.
