Bank of Georgia Growth and Reform Strategy
EXPOSURE TO PARTNER COUNTRIES WELL DIVERSIFIED
Exports, tourism, FDI and remittances, % of GDP
Well diversified economic linkages, 2019
(exports, tourism, FDI and remittances), share in total
50%
40%
30%
20%
10%
0%
2013
-Turkey
Russia
Source: Geostat, NBG, GNTA, Galt & Taggart
Source: Geostat, NBG, GNTA, Galt & Taggart
50%
42.5%
40%
Other
countries
28.1%
EU
23.8%
30%
20%
China
9.4%
10%
3.0%
5.1%
Ukraine
Russia
17.0%
0%
2016
2017
2018
4.2%
2019
Armenia
7.2% Azerbaijan
Turkey
Other countries
8.6%
8.0%
Summary
Economic linkages breakdown
Source: Geostat, NBG, GNTA, Galt & Taggart
In 2019:
% of GDP, 2019
Exports
Tourism
FDI
Remittances
Total
The EU (38% of total) remains the largest source of remittances,
while Russia's share continue to decline (25% of total)
Total
21.5%
18.6%
7.1%
9.9%
57.0%
EU
4.7%
2.4%
3.1%
3.8%
14.0%
•
The EU remains Georgia's largest FDI provider
Azerbaijan remains the top export market accounting for 13% of
the total
Tourism sector demonstrated resilience to Russia's direct flight
ban strong growth of tourist arrivals from EU and other
countries fully compensated reduced Russian tourist in 2H19.
-
Russia
2.8%
3.9%
0.2%
2.4%
9.4%
Turkey
1.2%
2.2%
1.2%
0.5%
5.1%
Ukraine
1.4%
0.7%
0.0%
0.2%
2.3%
Azerbaijan
2.8%
1.2%
0.3%
0.1%
4.5%
Armenia
2.3%
1.5%
0.1%
0.1%
4.0%
China
1.3%
0.2%
0.3%
0.0%
1.7%
Other countries
4.9%
6.5%
1.9%
2.7%
16.0%
BANK OF GEORGIA
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