Publication: Georgia : Adjusting in the Face of Uncertainty
Date
2014-03-01
ISSN
Published
2014-03-01
Author(s)
World Bank
Abstract
Economic growth picked up in the final
quarter of 2013 as policy uncertainty was reduced,
confidence strengthened, and budget execution substantially
increased. Surge in spending in the last quarter of the year
partially offset sluggish outlays earlier to leave the
fiscal deficit for 2013 as a whole at 2.6 percent of gross
domestic product (GDP), a marginal improvement from 2012.
There was a substantial increase in spending in the fourth
quarter, although annual expenditures continued to be 8
percent below the budgeted amount. Revenue collections were
also low due to subdued economic activity. Although the
fiscal deficit is expected to increase to 3.8 percent of GDP
in 2014, it should decline thereafter given the
government's commitment to fiscal consolidation. The
current account deficit narrowed in 2013 as exports picked
up, especially to Russia and the Commonwealth of Independent
States (CIS), while imports languished due to weak
investment and consumption. The unemployment problem
persisted with a net decline in business sector jobs by 5
percent during the first three quarters of 2013. In this
context, the report presents political developments; recent
economic developments; and economic and structural policies.
Link to Data Set
Citation
“World Bank. 2014. Georgia : Adjusting in the Face of Uncertainty. Georgia economic report;no.5. © Washington, DC. http://hdl.handle.net/10986/18640 License: CC BY 3.0 IGO.”