Economy
Economy - overview: Georgia's economy has traditionally revolved around Black Sea tourism; cultivation of citrus fruits, tea, and grapes; mining of manganese and copper; and output of a small industrial sector producing wine, metals, machinery, chemicals, and textiles. 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 in 1995-96, pushing GDP growth and slashing inflation. Georgia had been suffering from acute energy shortages, although energy deliveries improved in 1996. Georgia is pinning its hopes for long-term recovery on the development of an international transportation corridor through the key Black Sea ports of P'ot'i and Bat'umi. The decision in 1996 to construct an early Caspian oil pipeline through Georgia underscores the viability of such a corridor and may spur greater western investment in the economy. A growing trade deficit and political uncertainties cloud the short-term economic picture.
GDP: purchasing power parity - $7.1 billion (1996 estimate as extrapolated from World Bank estimate for 1994)
GDP - real growth rate: 11% (1996 est.)
GDP - per capita: purchasing power parity - $1,350 (1996 est.)
GDP - composition by sector: agriculture : 70.4% industry: 10.2% services: 19.4% (1993 est.)
Inflation rate - consumer price index: 13.3% (1996 est.)
Labor force: total: 2.2 million (1996) by occupation: industry and construction 31%, agriculture and forestry 25%, other 44% (1990)
Unemployment rate: 21% (1996 est.)
Budget: revenues: $NA expenditures: $NA, including capital expenditures of $NA