In 2019, Georgia’s economy growth reached 5.2%—an increase from the 4.8% growth rate recorded in 2018.
The 2019 rate also significantly exceeded the International Monetary Fund’s (IMF) projection of 4.6%. Following its visit to Georgia in early February, IMF Mission Chief Mercedes Vera-Martin lauded the tight monetary policy implemented by the National Bank of Georgia and highlighted the IMF’s support for the responsive fiscal policy of the Georgian government. For 2020, the IMF forecasts 4.2% GDP growth in Georgia.
In tandem with robust GDP growth, Georgia’s trade volume increased in 2019, reaching a historic high turnover of USD 12.8 billion.
Exports increased by 12%, while imports decreased slightly, lowering Georgia’s trade deficit by 4.4%. These are record-setting numbers for Georgia. The year 2020 also began with a record-breaking trade volume of USD 882.4 million in January, an increase of 5.7% compared with January of previous year.
These increases can be attributed to the attractive and open business climate in Georgia and Georgia’s open trade policy vis-à-vis its neighbors and partners. Georgia currently enjoys a Deep and Comprehensive Free Trade Area (DCFTA) with the European Union and European Free Trade Association countries and has effective free trade agreements with China, Hong Kong, CIS members, and Turkey.
2019 witnessed unprecedented tourism boom in Georgia as record-high 9.4 million foreign visitors entered the country.
An unprecedented number of 9.4 million international visitors entered Georgia in 2019 as compared with 8.6 million visitors in 2018, highlighting Georgia as an increasingly popular tourist destination.
The number of visitors from the United States to Georgia grew in 2019, reaching a new historic high of 48,000. While this number is still not completely indicative of the closeness of U.S. Georgia relations, the trend is increasing; over the past five years, the number of visitors from the United States has grown by an annual average of 12%.
2019 in numbers:
GDP growth – 5.2%
Trade turnover – USD 12.8 billion (Historic high)
Visitors – 9.4 million (Historic high)