Real GDP grew 4.4% y/y in 3Q17
Georgia’s real GDP growth was 4.4% in 3Q17, based on GeoStat. The hotels and restaurants was the fastest growing sector in 3Q17 expanding by 12.6% y/y, followed by mining (+10.6% y/y), construction (+9.3% y/y) and trade (+9.3% y/y). Meanwhile real growth was down 2.8% y/y in agriculture. The trade (18.7%) accounted for the largest share of GDP, followed by industry (17.0%) and by transport and communication (10.7%) sectors.
Exports up 8.2% y/y in November 2017
In November 2017, exports increased 8.2% y/y to US$ 236.7mn, imports were up 16.9% y/y to US$ 757.8mn and the trade deficit widened 21.4% y/y to US$ 521.0mn, according to GeoStat. Overall in 11M17, the trade deficit was up 1.2% y/y at US$ 4.7bn as exports were up 27.0% y/y to US$ 2.4bn, while imports increased 8.8% y/y to US$ 7.1bn.
In November 2017, ferro-alloys (+36.8% y/y), copper (+32.0% y/y), cars (+68.2% y/y), wine (+32.9% y/y) and spirits (+28.2% y/y) were the top 5 exported commodities; A 20.6% of exports were directed to the EU (-19.3% y/y), 50.3% were directed to the CIS (+36.1% y/y) and 29.1% to other countries (-2.9% y/y).
Petroleum (+14.4% y/y), aircrafts (US$ 43.5mn, one-off), gases (+8.7% y/y), copper (+99.3% y/y) and cars (-11.7% y/y) represented the top 5 imported commodities in November 2017.
Producer price index up 4.3% m/m and up 14.9% y/y in November 2017
PPI for industrial goods was up 4.3% m/m in November 2017, according to GeoStat. A 4.8% price increase for manufacturing contributed the most to the overall index change as prices were up for food, beverages and tobacco (+6.6% m/m) and basic and fabricated metals (+4.8% m/m).
Annual PPI was up 14.9% in November 2017. Rising prices in manufacturing (+15.1% y/y) contributed the most to the overall index change. Prices were also up for supply of electricity, gas and water (+11.5% y/y) and for mining and quarrying (+20.1% y/y).
