Georgia - 5 years latter (Economic Developments 2011-2016)

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April 1st marks my five year anniversary since I opted to move to this amazing country on the edge where East meets West - Republic of Georgia.

Today, to celebrate this small anniversary I decided to take a look back - to see economic developments in Georgia 2011-2016 - how things how changed since I first landed at Tbilisi airport back at at April 1st, 2011. 

See: 3 years in Georgia and 16 places to visit in Georgia and Tbilisi , for my previous annul reviews about Georgia.

As for a small country, pretty much of daily life in Georgia is related to politics. During past five years a major political turnover happened at the end of 2012, when former Presidents Mikheil Saakashvilli party United National Movement lost a majority to rival Georgian Dream coalition, a year latter, when Presidents term of office ended, Misha flew away country (by know Mikheil Saakashvili has been appointed a governor of Odessa oblast in Ukraine).

Very rarely I have found some useful information about country's economic developments, instead there are plenty of politics, public dirty laundry and sometimes some information about tourists visiting Georgia, oh, yes, there are a lot of talks about Lari devaluation. Seems Georgians are not too much worried about actual economic developments. GDP is a term I rarely have ever talked about with anybody here in Georgia. OK, I agree the late comedy shows on Rustavi 2 most probably are lot more interesting than some boring talks about gross domestic product. 

I took following data from GeoStat and found following:

  2010 2011 2012 2013 2014 2015
GDP at current prices, mil. USD 11,636.50 14,438.50 15,846.80 16,139.90 16,507.80 13,959.90
GDP per capita (at current prices), USD 2,623 3,230.70 3,523.40 3,599.60 3,676.20 3,743.10
GDP real growth, percent 6.2 24.07 9.75 1.84 2.27 -15.43

The GDP growth for past five years is rather modest, not to say humble. Well, I arrived here in 2011, when total GDP of Georgia was 14,4 bln USD, in 2015 total economic output of Georgia didn't even reached 14 billion dollars. Yikes. Five years is a lot. I feel pretty shocked of such slow and even negative GDP growth for Georgia. Will Georgia crack 20 billion GDP milestone by the end of this decade? Doable, but for now - I wouldn't be so optimistic.