Bank of Georgia Financial Snapshot and Loan Portfolio Quality
Robust economic growth persisted in 1H23, contributing to
an improved outlook for the entire year
Real GDP y-o-y growth
2011-2022
average
2021
2022
1H23
2023F
2024F
4.7%
10.5%
10.1%
7.6%
6.8%
5.0%
18.0%
10.6%
14.6%
11.6%
11.0%
10.5%
9.7%
9.3%
2.6%
8.8%
8.3%
7.2%
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Source: GeoStat, Galt & Taggart
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
7.3% 7.5%
7.7%
8.4%
Feb-23
5.8%
7.0%
Mar-23
Apr-23
May-23
Jun-23
Key drivers of growth in 1H23:
Resilient inflows from exports and tourism:
Export of goods increased 14.8% y-o-y
(+19.3% in 1H23)
Tourism
revenues up 34.8% y-o-y
(+57.9% in 1H23)
Strong investment spending and recovery in
consumption on the back of lower inflation
Increased activity in the construction,
information and communication, and trade
sectors
Growth outlook:
Real GDP growth is expected at 6.8% in 2023
driven by strong external earnings and
increased investment expenditure
Geopolitical instability in the region and tight
global financial conditions pose downside risks
to the outlook
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