Real GDP growth was 4.6% y/y in July 2018
Georgia’s economy grew by 4.6% y/y in July 2018 after growing 4.0% y/y in previous month, according to GeoStat’s rapid estimates. In July 2018, the growth was posted in transport, trade, real estate, financial intermediation and hotels and restaurants sectors. Overall, real GDP growth was 5.5% y/y in 7M18. Monthly rapid estimates are based on VAT turnover, fiscal and monetary statistics.
NPLs at 2.6% in July 2018
In July 2018, the banking sector loan portfolio increased 18.1% y/y after growing 18.4% y/y in previous month, excluding the exchange rate effect. In unadjusted terms, loan portfolio was up 19.5% y/y and up 0.6% m/m to GEL 23.3bn (US$ 9.5bn). Deposits were up 19.9% y/y excluding the exchange rate effect. In unadjusted terms, deposits were up 21.0% y/y and up 1.1% m/m to GEL 20.5bn (US$ 8.4bn). Deposit dollarization stood at 60.8% (-4.7ppts y/y and +0.1ppts m/m). NPLs stood at 2.6% in July 2018 (-0.8ppts y/y and +0.2ppts m/m).
