Exports up 27.2% y/y in September 2017
In September 2017, exports increased 27.2% y/y to US$ 257.5mn, imports were up 5.5% y/y to US$ 684.8mn and the trade deficit narrowed 4.3% y/y to US$ 427.3mn according to GeoStat’s preliminary figures. In 9M17, trade deficit was down 1.1% to US$ 3.7bn as exports increased 28.3% y/y to US$ 1.9bn, while imports were up 7.4% y/y to US$ 5.6bn. Detailed foreign trade statistics will be available on October 19, 2017.
Tourism revenues up 28.5% y/y in 9M17
Tourism inflows to Georgia increased 25.1% y/y to US$ 304.0mn in September 2017 and 28.5% y/y to US$ 2.2bn in 9M17, according to NBG’s preliminary estimates.
IMF revises Georgia’s real GDP growth upwards to 4.3% in 2017 from 3.5%: IMF team visited Tbilisi from Sep-25 to Oct-9 to conduct discussions on the first review of the IMF program approved in April 2017. Completion of the review will make an additional US$ 42.3mn available to Georgia, bringing total disbursements to US$ 84.6mn out of total US$ 285.3mn program amount. At the conclusion of the mission, IMF staff issued the following statement: “Georgia’s economic reform program is off to a strong start. All quantitative performance targets for end-June were met, most by large margins. The economy has grown faster than expected this year due to prudent policies and stronger economic activity in Georgia’s main trading partners. Growth has been revised upwards to 4.3% in 2017 from 3.5%, supported by exports, tourism, and investment. The current account balance is projected to narrow to 10.4% of GDP in 2017, from 12.8% of GDP in 2016. Economic growth is expected to strengthen over the medium term with continued implementation of the economic reforms. These reforms will promote private investment, productivity growth, and improve export competitiveness”.
