International arrivals up 12.6% y/y in September 2015 and up 6.7% y/y in 9M15
In September 2015, international arrivals to Georgia increased 12.6% y/y to 0.6mn persons, according to the Ministry of Internal Affairs. In 9M15, international arrivals increased 6.7% y/y to 4.5mn persons.
Tax revenues up 11.3% y/y in 9M15 to 102.4% of the budgeted amount
Consolidated budget tax revenues stood at GEL 758.9mn in September 2015, up 10.5% y/y, on the back of strong personal and corporate income taxes, and VAT collection, according to the Treasury Service of Georgia. In 9M15, consolidated budget tax revenues increased 11.3% y/y to GEL 5.9bn and represented 102.4% of the budgeted amount.
Real GDP grew 2.3% y/y in August 2015 and 2.8% y/y in 8M15
Georgia’s real GDP increased 2.3% y/y in August 2015, according to the rapid estimates released by GeoStat. Economy grew 2.8% y/y in 8M15, from the higher base of last year (GDP growth was 6.2% y/y in 8M14).
Current account deficit down 16.2% y/y in 2Q15
The current account (CA) deficit decreased 16.2% y/y in 2Q15 to US$ 354.7mn or 10.4% of GDP. The major contributor to the CA deficit was a negative trade of goods balance, which improved 7.0% y/y on the back of lower goods imports (-14.3% y/y). The positive balance in services and remittances financed 76.5% of the goods trade deficit, with tourism revenues posting 7.1% y/y growth (US$ 460.1mn) in 2Q15. Net FDI was the largest source of CA deficit funding and amounted to US$ 314.3mn (+121.1% y/y) or 9.2% of GDP.
