Exports up 25.7% y/y in August 2017
In August 2017, exports increased 25.7% y/y to US$ 236.1mn, imports were up 1.2% y/y to US$ 699.7mn and the trade deficit narrowed 8.0% y/y to US$ 436.6mn according to GeoStat’s preliminary figures. In 8M17, trade deficit was down 0.9% and amounted to US$ 3.3bn as exports increased 28.5% y/y to US$ 1.7bn, while imports were up 7.5% y/y to US$ 4.9bn. Detailed foreign trade statistics will be available on September 19, 2017.
Money transfers up 15.1% y/y in August 2017
In August 2017, money transfers increased 15.1% y/y to US$ 121.8mn after growing 20.1% y/y in previous month, according to NBG. Money transfers were up from almost all major remitting countries: Russia (+9.1% y/y, 33.1% of total), USA (+9.1% y/y, 10.5% of total), Italy (+20.2% y/y, 10.4% of total), Greece (+10.8% y/y, 9.4% of total), Israel (+95.8% y/y, 8.9% of total) and Turkey (+21.8% y/y, 8.0% of total). In 8M17 money transfers were up 19.1% y/y to US$ 871.7mn.
Moody’s upgraded Georgia’s sovereign credit rating
On 11 September 2017, Moody’s upgraded the sovereign credit rating of Georgia to Ba2 from Ba3 and maintained the stable outlook. Based on Moody’s, the Georgian economy’s resilience in the wake of the 2014 regional economic shock, as an indicator of economic and institutional strength, is the main driver behind the one-notch rating upgrade.
