Trade deficit growth was flat y/y in May-23
In May-23, both goods exports and imports growth slowed due to last year’s high base effect, although the volumes remained robust. Exports increased by 3.0% y/y to US$ 538.4mn, after a 20.4% y/y growth in previous month. Imports were up 1.4% y/y to US$ 1.2bn in May, after growing by 11.5% y/y in April. As a result, the trade deficit was almost flat, up by a mere 0.1% y/y to US$ 659.0mn, after a 5.0% y/y growth in April.
Overall, in 5M23, trade deficit increased by 19.5% y/y to US$ 3.4bn, as exports increased by 18.5% y/y to US$ 2.5bn, while imports were up by 19.1% y/y to US$ 5.9bn.
Money transfers stood at US$ 384.9mn in May-23
Money transfers declined by 23.9% y/y to US$ 384.9mn in May-23, due to last year’s high base effect, according to NBG. Meanwhile, on a monthly basis, the transfers were up 4.1% in May. From major remitting countries, money transfers decreased from Russia (-50.7% y/y, -3.0% m/m, accounting for 40.2 % of total) and Kazakhstan (-3.8% y/y, 5.2% of total), while it increased from Italy (+20.0% y/y, 11.5% of total), USA (+37.9% y/y, 10.0% of total), Greece (+4.8% y/y, 5.5% of total), Germany (+48.5% y/y, 5.1% of total), Israel (+12.6% y/y, 4.7% of total) and Turkey (+80.5% y/y, 3.8% of total). Overall, in 5M23 remittances increased by 47.9% y/y to US$ 2.0bn.
Average monthly nominal wages increased by 18.7% y/y in 1Q23
In 1Q23, average monthly nominal wages in Georgia increased by 18.7% y/y to GEL 1,717, after 21.2% y/y growth in 4Q22, according to Geostat. By economic activity, the highest monthly average wages were observed in the following sectors: financial and insurance (GEL 3,761, +23,8% y/y), information and communication (GEL 3,631, +55.2% y/y), professional and scientific activities (GEL 2,387, +21.6% y/y), construction (GEL 2,146, +14.7% y/y) and public administration (GEL 2,078, +22.6% y/y). The lowest average monthly wages were in education (GEL 1,009, +12.7% y/y), water supply (GEL 1,089, +18.8% y/y) and agriculture (GEL 1,259, 35.0% y/y) in 1Q23.
