Georgian Economy, Georgia Economy
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Economy - overview: Georgia's main economic activities include the cultivation of agricultural products such as citrus fruits, tea, hazelnuts, and grapes; mining of manganese and copper; and output of a small industrial sector producing alcoholic and nonalcoholic beverages, metals, machinery, and chemicals. The country imports the bulk of its energy needs, including natural gas and oil products. Its only sizable internal energy resource is hydropower. Despite the severe damage the economy has suffered due to civil strife, Georgia, with the help of the IMF and World Bank, has made substantial economic gains since 1995, achieving positive GDP growth and curtailing inflation. However, the Georgian Government has suffered from limited resources due to a chronic failure to collect tax revenues. Georgia's new government is making progress in reforming the tax code, enforcing taxes, and cracking down on corruption. Georgia also suffers from energy shortages; it privatized the T'bilisi electricity distribution network in 1998, but payment collection rates remain low, both in T'bilisi and throughout the regions. The country is pinning its hopes for long-term growth on its role as a transit state for pipelines and trade. The construction on the Baku-T'bilisi-Ceyhan oil pipeline and the Baku-T'bilisi-Erzerum gas pipeline have brought much-needed investment and job opportunities.
GDP: 0.59% (FY00)
GDP - real growth rate: 9.5% (2004 est.)
GDP - per capita: Purchasing power parity - $3,100 (2004 est.)
GDP - composition by sector: Agriculture: 20.5% industry: 22.6% services: 56.9% (2004 est.)
Population below poverty line: 54% (2001 est.)
Household income or consumption by percentage share: Lowest 10%: 2.3% highest 10%: 27.9% (1996)
Distribution of family income - Gini index: 37.1 (1996)
Inflation rate (consumer prices):
Labor force: 2.1 million (2001 est.)
Labor force - by occupation: Agriculture 40%, industry 20%, services 40% (1999 est.)
Unemployment rate: 17% (2001 est.)
Budget: Revenues: $671.7 million expenditures: $804.7 million, including capital expenditures of NA (2004 est.)
Industries: Steel, aircraft, machine tools, electrical appliances, mining (manganese and copper), chemicals, wood products, wine
Industrial production growth rate: 3% (2000)
Electricity - production: 6.732 billion kWh (2002)
Electricity - production by source:
Electricity - consumption: 6.811 billion kWh (2002)
Electricity - exports: 300 million kWh (2002)
Electricity - imports: 850 million kWh (2002)
Oil - production: 2,000 bbl/day (2001 est.)
Oil - consumption: 31,500 bbl/day (2001 est.)
Oil - exports: NA
Oil - imports: NA
Oil - proved reserves:
Natural gas - production: 60 million cu m (2001 est.)
Natural gas - consumption: 1.16 billion cu m (2001 est.)
Natural gas - exports: 0 cu m (2001 est.)
Natural gas - imports: 1.1 billion cu m (2001 est.)
Natural gas - proved reserves:
Agriculture - products: Citrus, grapes, tea, hazelnuts, vegetables; livestock
Exports: $909.4 million (2004 est.)
Exports - commodities: Scrap metal, machinery, chemicals; fuel reexports; citrus fruits, tea, wine
Exports - partners: Turkey 18.3%, Turkmenistan 17.8%, Russia 16.2%, Armenia 8.4%, UK 4.9% (2004)
Imports: $1.806 billion (2004 est.)
Imports - commodities: Fuels, machinery and parts, transport equipment, grain and other foods, pharmaceuticals
Imports - partners: Russia 14%, Turkey 11%, UK 9.3%, Azerbaijan 8.5%, Germany 8.2%, Ukraine 7.7%, US 6% (2004)
Debt - external: $1.8 billion (2002)
Economic aid - recipient: ODA $150 million (2000 est.)
Currency:
Currency code:
Exchange rates: Lari per US dollar - 1.9167 (2004), 2.1457 (2003), 2.1957 (2002), 2.073 (2001), 1.9762 (2000)
Fiscal year: Calendar year
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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