mailing address: use embassy street address
telephone: [995] (32) 989-967/68
FAX: [995] (32) 933-759
Flag description: maroon field with small rectangle in upper hoist side corner; rectangle divided horizontally with black on top, white below
Georgia 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 since 1995, increasing GDP growth and slashing inflation. The Georgian economy continues to experience large budget deficits due to a failure to collect tax revenues. Georgia also still suffers from energy shortages; it privatized the distribution network in 1998, and deliveries are steadily improving. The country 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 growing trade deficit, continuing problems with tax evasion and corruption, and political uncertainties cloud the short-term economic picture.
GDP: purchasing power parity - $22.8 billion (2000 est.)
GDP - real growth rate: 1.9% (2000 est.)
GDP - per capita: purchasing power parity - $4,600 (2000 est.)
GDP - composition by sector: agriculture: 32%