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Georgia's economy sustained GDP growth of more than 10% in 2006-07, based on strong inflows of foreign investment and robust government spending. However, GDP growth slowed to 2.1% in 2008 following the August 2008 conflict with Russia, and the economy contracted by about 7% in 2009 as foreign direct investment and workers' remittances declined in the wake of the global financial crisis. Georgia's main economic activities include the cultivation of agricultural products such as grapes, citrus fruits, and hazelnuts; mining of manganese and copper; and output of a small industrial sector producing alcoholic and nonalcoholic beverages, metals, machinery, aircraft and chemicals. Areas of recent improvement include growth in the construction, banking services, and mining sectors, but reduced availability of external investment and the slowing regional economy are emerging risks. The country imports nearly all its needed supplies of natural gas and oil products. It has sizeable hydropower capacity, a growing component of its energy supplies. Georgia has overcome the chronic energy shortages and gas supply interruptions of the past by renovating hydropower plants and by increasingly relying on natural gas imports from Azerbaijan instead of from Russia. The construction on the Baku-T'bilisi-Ceyhan oil pipeline, the Baku-T'bilisi-Erzerum gas pipeline, and the Kars-Akhalkalaki Railroad are part of a strategy to capitalize on Georgia's strategic location between Europe and Asia and develop its role as a transit point for gas, oil and other goods. Georgia has historically suffered from a chronic failure to collect tax revenues; however, the government, since coming to power in 2004, has simplified the tax code, improved tax administration, increased tax enforcement, and cracked down on petty corruption. However, the current economic downturn has eroded the tax base and led to a decline in the budget surplus and an increase in public borrowing needs. The country is pinning its hopes for renewed growth on a determined effort to continue to liberalize the economy by reducing regulation, taxes, and corruption in order to attract foreign investment, but the economy faces a more difficult investment climate both domestically and internationally.
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$20.23 billion (2009 est.)
country comparison to the world: 121
$21.68 billion (2008 est.)
$21.24 billion (2007 est.)
note:
data are in 2009 US dollars
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$10.74 billion (2009 est.)
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-6.7% (2009 est.)
country comparison to the world: 200
2.1% (2008 est.)
12.3% (2007 est.)
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$4,400 (2009 est.)
country comparison to the world: 151
$4,700 (2008 est.)
$4,600 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 12.2%
industry:
26%
services:
61.8% (2009 est.)
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1.918 million (2007 est.)
country comparison to the world: 122
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agriculture: 55.6%
industry:
8.9%
services:
35.5% (2006 est.)
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16.4% (2009 est.)
country comparison to the world: 155
13.6% (2006 est.)
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31% (2006)
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lowest 10%: 1.9%
highest 10%:
30.6% (2008)
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40.8 (2009)
country comparison to the world: 59
37.1 (1996)
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22.5% of GDP (2009 est.)
country comparison to the world: 65
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revenues: $3.125 billion
expenditures:
$4.033 billion (2009 est.)
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1.7% (2009 est.)
country comparison to the world: 62
10% (2008)
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8% (25 December 2008)
NA% (31 December 2007)
note:
this is the Refinancing Rate, the key monetary policy rate of the Georgian National Bank
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22% (31 December 2009)
country comparison to the world: 15
20.8% (31 December 2008)
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$1.077 billion (31 December 2009)
country comparison to the world: 111
$972.4 million (31 December 2008)
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$1.606 billion (31 December 2008)
country comparison to the world: 107
$1.379 billion (31 December 2007)
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$3.695 billion (31 December 2009)
country comparison to the world: 91
$3.598 billion (31 December 2008)
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$NA (31 December 2009)
country comparison to the world: 107
$327.3 million (31 December 2008)
$1.389 billion (31 December 2007)
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citrus, grapes, tea, hazelnuts, vegetables; livestock
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steel, aircraft, machine tools, electrical appliances, mining (manganese and copper), chemicals, wood products, wine
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-8.5% (2009 est.)
country comparison to the world: 135
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7.97 billion kWh (2008 est.)
country comparison to the world: 99
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6.902 billion kWh (2008 est.)
country comparison to the world: 100
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628 million kWh (2007 est.)
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430 million kWh (2007 est.)
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994.9 bbl/day (2009 est.)
country comparison to the world: 105
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13,000 bbl/day (2009 est.)
country comparison to the world: 142
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1,486 bbl/day (2008 est.)
country comparison to the world: 120
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16,590 bbl/day (2008 est.)
country comparison to the world: 121
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35 million bbl (1 January 2009 est.)
country comparison to the world: 80
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8 million cu m (2008 est.)
country comparison to the world: 92
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1.73 billion cu m (2008 est.)
country comparison to the world: 82
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0 cu m (2008 est.)
country comparison to the world: 176
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1.72 billion cu m (2008 est.)
country comparison to the world: 49
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8.495 billion cu m (1 January 2009 est.)
country comparison to the world: 81
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-$1.549 billion (2009 est.)
country comparison to the world: 142
-$2.915 billion (2008 est.)
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$1.793 billion (2009 est.)
country comparison to the world: 132
$2.428 billion (2008 est.)
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scrap metal, wine, mineral water, ores, vehicles, fruits and nuts
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Turkey 17.87%, Azerbaijan 12.3%, Bulgaria 9.6%, Canada 8.78%, UK 7.49%, Ukraine 6.82%, Spain 5.27%, US 4.99% (2009)
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$4.298 billion (2009 est.)
country comparison to the world: 117
$6.261 billion (2008 est.)
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fuels, vehicles, machinery and parts, grain and other foods, pharmaceuticals
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Turkey 16.81%, Azerbaijan 9.72%, Ukraine 9.17%, Russia 7.39%, US 6.63%, Germany 6.22% (2009)
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$2.11 billion (31 December 2009 est.)
country comparison to the world: 113
$1.48 billion (31 December 2008 est.)
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$3.381 billion (31 December 2009)
country comparison to the world: 114
$7.711 billion (31 December 2008)
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laris (GEL) per US dollar - 1.6996 (2009), 1.47 (2008), 1.7 (2007), 1.78 (2006), 1.8127 (2005)
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