Trade deficit reduced by 13.9% y/y in Feb-23
In Feb-23, exports increased by 6.2% y/y to US$ 455.8mn from last year’s high base (+60.3% y/y in Feb-2022). Meanwhile, imports declined by 5.5% y/y to US$ 963.6mn in February, after a 27.3% y/y growth in January.
Consequently, the trade deficit decreased by 13.9% y/y to US$ 507.9mn, after growing by 19.4% y/y in January.
Overall, in 2M23, trade deficit increased by a mere 0.8% y/y to US$ 1.1bn, as exports increased by 20.3% y/y to US$ 914.7mn, while imports were up by 9.0% y/y to US$ 2.0bn.
Money transfers increased by 103.0% y/y in Feb-23
According to the NBG, money transfers were up by 103.0% y/y to US$ 372.3mn in Feb-23, after growing by 163.5% y/y in previous month. From major remitting countries, money transfers increased from Russia (+753.7% y/y and -30.0% m/m, accounting for 50.3% of total), followed by Italy (+18.0% y/y, 10.4% of total), USA (+44.3% y/y, 8.2% of total), Greece (+12.3% y/y, 4.7% of total), Israel (+16.4% y/y, 4.4% of total) and Germany (+29.0% y/y, 3.9% of total). Meanwhile, transfers reduced from Kazakhstan (-6.4% y/y, 3.5% of total). Overall, in 2M23 remittances increased by 132.0% y/y to US$ 817.3mn.
Average monthly nominal wages increased by 21.2% y/y in 4Q22
In 4Q22, average monthly nominal wages in Georgia increased by 21.2% y/y after 16.5% y/y growth in 3Q22, according to Geostat. By economic activity, the highest monthly average wages were observed in the following sectors: information and communication (GEL 3,673, +61.8% y/y), financial and insurance (GEL 2,727, +12.1% y/y), construction (GEL 2,536, +14.8% y/y), professional and scientific activities (GEL 2,455, +15.1% y/y) and mining (GEL 2,243, +18.2% y/y). The lowest average monthly wages were in education (GEL 1,006, +9.8% y/y), water supply (GEL 1,137, +9.1% y/y) and agriculture (GEL 1,179, 3.6% y/y) in 4Q22.
