FY20 Results and Strategy Overview
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60
40
20
ANN
-20
-40
0
INFLATION TO STAY SLIGHTLY ABOVE TARGET
Inflation y-o-y vs. inflation target
Sources: NBG, GeoStat
Inflation was under the 3% target in December-January because of a one-off
impact of government-subsidized utilities being subtracted from price
changes. We expect inflation to increase up to around 4% on average in 2021
Source: GeoStat
11
9
8
7
9
5
4
2.8
3
2
1
0
-1
-2
-3
Jan-05
Jul-05
Jan-06
90-յոր
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
M2 vs. inflation, y-o-y,%
Sources: Geostat, NBG
Jan-13
Jul-13
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Jan-14
Apr-18
Jul-14
Jan-15
Jul-18
Jul-15
Oct-18
Jan-16
Jan-19
Jul-16
Jan-17
Jul-17
Jan-18
Apr-19
Jul-19
Oct-19
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-20
Apr-20
Jul-20
Oct-20
M2 Y/Y % LHS
Inflation Y/Y % RHS
16.0
1,600
14.0
12.0
1,400
10.0
8.0
1,200
6.0
4.0
1,000
2.0
800
(2.0)
(4.0)
600
(6.0)
400
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III 14
IV 14
115
SL II
SL III
IV 15
Jan-21
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Price Indices
GEORGIA
CAPITAL
Mar-18
May-18
Jul-18
Sep-18
81-ΛΟΝ Ξ
Headline Inflation
Average monthly nominal earnings
Source: Geostat
Monthly Inflation
The annual fall in monthly nominal earnings was 0.8% in 3Q20,
up from -5.3% in 2Q20
Core Inflation
GEL
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9L III
IV 16
117
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III 17
IV 17
118
|| 18
III 18
IV 18
119
II 19
III 19
IV 19
120
20
20
73
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
-2
0
2
4
9
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