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Economy of Georgia

Georgia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Georgia may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Georgia exports around $2.62 billion and imports roughly $7.06 billion. 11.5% of population in the country are unemployed. The total number of unemployed people in Georgia is 449,320. In Georgia, 16% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Georgia is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 3.2% of GDP. The Gini Index of the country is 46. Georgia is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Georgia has a Human Development Index (HDI) of 0.744. Georgia has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Georgia is 1.973. Due to strong law enforcement presence and high social responsibility, Georgia is very safe by international standards. The strength of legal rights index for Georgia is 9. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.

Currency

The currency of Georgia is Georgian lari. There are several plural forms of the name 'Georgian lari'. These are lari, laris. The symbol used for this currency is ლ, and it is abbreviated as GEL. The Georgian lari is divided into Tetri; there are 100 in one lari.

Credit rating

The depth of credit information index for Georgia is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Georgia has a credit rating score of BB-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Georgia has a credit rating score of B+, and the prospects of this rating are positive. According to the Moody's credit-rating agency, Georgia has a credit rating score of Ba3, and the prospects of this rating are stable.

Central bank

In Georgia, the institution that manages the state's currency, money supply, and interest rates is called National Bank of Georgia. Locally, the central bank of Georgia is called საქართველოს ეროვნული ბანკი. The average deposit interest rate offered by local banks in Georgia is 8.4%.

Public debt

Georgia has a government debt of 48.1% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Georgia is set at 15%. VAT in Georgia is 18%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Georgia is $34345 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Georgia was last recorded at $9 million. PPP in Georgia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Georgia is 16,127 billion. Based on this statistic, Georgia is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Georgia was last recorded at $4 million. The average citizen in Georgia has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Georgia averaged 5% in 2014. According to this percentage, Georgia is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Georgia.

Industry

Major industries in the country are steel, machine tools, electrical appliances, mining (manganese, copper, gold), chemicals, wood products, wine. The total labor force of Georgia is 2,030,460 people, wherein 11.5% of population in the country are unemployed. The total number of unemployed people in Georgia is 449,320. The Industrial Production growth rate of Georgia is 9%.To read more about industrial information within Georgia click on industry of Georgia.

Agriculture

There are 8022 km2 of arable land in Georgia, and it comprises 12% of the country's total territory. There are 10664 km2 of cultivated land in Georgia. The country's major agricultural crops and products are citrus, grapes, tea, hazelnuts, vegetables, livestock.To read more about agriculture click on agriculture of Georgia.