In 2013, the volume of construction decreased (-10.5%; -124.3 mln.GEL) compared to 2012. Therefore, the number of empolyees in construction sector also decreased (-18.8%; -10,984 man). In 2013, expenses on construction from the consolidated budget was less (-19.2%; -368.2 mln.GEL) than the corresponding indicator in 2012.
In January 2014, the indicator of the volume of loans exceeds (21.6%) to the corresponding indicator in January 2013. The weighted average interest rate on loans decreased (1 percentage point) and equals 18.4%. In January 2014, the indicator of the volume of deposits exceeds(21.0%) to the corresponding indicator in January 2013.
In 2013, the expenses on infrastructure declined (-24%, -362 mln.GEL), but the expenses on social benefits increased (23.5%, 437 mln.GEL) compared to 2012. In 2014, planned expenses on social benefits (22.5%, 516 mln.GEL) and expenses on infrastructure (46%, 523 mln.GEL) are higher compared to the corresponding actual indicators of 2013.
In 2013 the negative external trade balance decreased (-9.1%, -500 mln. USD) compared to the corresponding indicator in 2012. In the mentioned period, the volume of export increased significantly (22.4%, 532 mln. USD), while the volume of import almost remained unchanged (0.4%, 32 mln. USD). In 2013, the external trade turnover with EU countries increased (3.5%, 97.8 mln. USD).
The completion rate of state budget in 2013 is 91%.Correspondingly, there is the lack of 608.9 mln GEL in state budget.
In 2013 Budget revenue decreased (-2.1%) compared to 2012. Tax Revenue (-0.2%) as well as grants (-23.3%) and other revenues (-13.3%) also decreased.
The completion rate of state budget in 2013 is 90.9%.Correspondingly, there is the lack of 632.3 mln. GEL in state budget1.
During the three quarter of 2013, the indicator of Tax burden (tax revenues/GDP) (25.3%) has not changed much in comparison with the corresponding indicator for 2012 (25.7%).
In November 22013, tax revenues increased in comparison with the November 2012 (3.6%).
In the third quarter of 2013, real GDP increased (1.4%) in comparison with the corresponding indicator in 2012. The largest growth was in agriculture (9.5%) and the largest reduction was in construction (-16.9%) sectors. In the third quarter of 2013, the volume of foreign direct investment increased significantly (19.9%). Thus, the lack of FDI was not the reason of reduction GDP growth rate.
This issue of “Economic Outlook and Indicators” analyzes the banking sector in the period of January-October 2013.
In October 2013 the volume of deposits, as well as the volume of loans to the National economy increased ( 22.6%; 12.6%)
in comparison with the indicators of the corresponding period in 2012.
This issue of “Economic Outlook and Indicators” analizes tax revenues in the period of January-October 2013 in comparison with the corresponding period in 2012. In October 2013, tax revenues reduced in comparison with the October 2012 (-10.5%). Revenues from VAT, Excise and Import taxes declined (-24.8%; -10.7%; -19.1%) and the revenues from Income, Profit and Property taxes (10.9; 47.9%; 9.7%) increased.
The growth rate of GDP in the first two quarters of 2013 is 1.9 %, which is lower than the indicator of the same period of 2012 (7.5%). It’s under the question to achieve the growth rate projected by either the Government of Georgia (6%, 4%) or by IMF (2.5%) for 2013. The structure of GDP by sectors did not change during the first two quarters of 2013.