Macroeconomic Forecast Georgia

Georgian goods exports expanded by 16.3% y-o-y in 2008 to total US$2.4bn, while imports grew by 25.6% y-o-y to reach US$6.3bn. The current account deficit came in at a whopping 22.3% of GDP last year. Going forward, we believe that reduced access to credit and lower external demand will reduce both exports and imports in 2009, though expect the contraction in imports to outpace that of export. Thus we project the current account deficit to narrow to 10.7% of GDP in 2009 accordingly.

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