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Economy of Georgia
Archaeological research demonstrates that Georgia has been involved in commerce with many lands and empires since the ancient times, largely due its location on the Black Sea and later on the historical Silk Road. Gold, silver, copper and iron have been mined in the Caucasus Mountains. Wine making is a very old tradition.
Throughout Georgia's modern history agriculture and tourism have been principal economic sectors, due to the country's climate and topography.
For much of the 20th century, Georgia's economy was within the Soviet model of command economy.
Since the fall of the USSR in 1991, Georgia embarked on a major structural reform designed to transition to a free market economy. However, as with all other post-Soviet states, Georgia faced a severe economic collapse. The civil war and military conflicts in South Ossetia and Abkhazia aggravated the crisis. The agriculture and industry output diminished. By 1994 the gross domestic product had shrunk to a quarter of that of 1989.
The first financial help from the West came in 1995, when the World Bank and International Monetary Fund granted Georgia a credit of USD 206 million and Germany granted DM 50 million.
Author: Lado Gurabanidze, 2009-Feb-28 / 23:09.03 | Saturday |
Comments (3) |
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| Area: |
69,700 km |
| Population, '08E: |
4,630,841 |
| Life Expectancy: |
75.5 years |
| Official Language: |
Georgian |
| Capital: |
Tbilisi |
| Currency (code): |
Lari (GEL) |
| GEL/US$: |
1.6780 |
| GEL/EUR: |
2.1700 |
| Nominal GDP, '08E: |
US$12.8 bn |
| GDP Per Capita, '08E: |
US$2,913 |
| GDP Per Capita, '08E (PPP): |
US$4,851 |
| Real GDP Growth Rate, '08E: |
2.0% |
| Four Year Avg. Growth Rate: |
9.3% |
| CPI 2008A (e-o-p): |
5.5% |
| CPI 2008A (period avg.): |
10.1% |
| FitchRatings: |
"B+" |
| Standard & Poor's: |
"B" |
| Ease of Doing Business '08: |
#15 |
| Economic Freedom Index '08: |
#32 |
| Bertelsmann Index '08: |
#23 |
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georgia.gov.ge
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