Galt & Taggart publishes overview of Georgia's economic growth

Georgia Materials 19 October 2021 14:27 (UTC +04:00)
Galt & Taggart publishes overview of Georgia's economic growth

BAKU, Azerbaijan, Oct. 19

By Maryana Akhmedova – Trend:

Georgian's trade deficit from January through September 2021 increased by 19.9 percent year-on-year, as economic recovery and higher world commodity prices boosted imports, while exports remained solid, Trend reports, citing Galt & Taggart Investment Bank’s review.

The exports, having increased by 12.3 percent, amounted to $373.6 million, while imports totaled $925.8 million – an increase of 23.4 percent year-on-year.

Meanwhile, money transfers have increased by 8.8 percent year-on-year to $209.8 million in September 2021, Galt & Taggart reports via the National Bank of Georgia (NBG). Overall, remittances from January through September 2021 stood at $1.7 billion – an increase of 27.8 percent year-on-year.

Furthermore, the International Monetary Fund (IMF) released updated world economic outlook in October 2021. The IMF projects the global economy to grow by 5.9 percent in 2021 and 4.9 percent in 2022 – 0.1 percentage point lower for 2021 than in the July forecast.

“The downward revision for 2021 reflects a downgrade for advanced economies (in part due to supply disruptions) and for low-income developing countries (largely due to worsening pandemic dynamics). This is partially offset by stronger near-term prospects among some commodity-exporting emerging markets and developing economies,” Galt & Taggart said.

According to the IMF, Georgia expected to be one of the growth leaders in the region with growth projected at 7.7 percent for 2021 and 5.8 percent for 2022, the report said.


Follow the author on Twitter: @mariiiakhm