Georgia Capital Shareholder and Market Opportunity Overview
80
60
40
20
Jan-05
Jul-05
Jan-06
-40
-20
ANN
0
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
M2 vs. inflation, y-o-y,%
Sources: Geostat, NBG
Jul-06
Jan-07
Jul-07
Jul-07
Jan-08
Jan-08
Jul-08
Jul-08
Jan-09
Jul-09
Jul-09
Jan-10
Jul-10
M2 Y/Y % LHS
Jan-11
Jul-11
Jan-12
농 Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Inflation Y/Y % RHS
INFLATION TO STAY ABOVE TARGET IN 2021
Inflation y-o-y vs. inflation target
Sources: NBG, GeoStat
expect inflation to increase to above 6% on average in 2021
impact of government-subsidised utilities, subtracted from price changes. We
Inflation was under the 3% target in December-February reflecting a one-off
Source: GeoStat
Apr-17
Jul-17
쭛 Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
16.0
14.0
12.0
1,400
10.0
1,200
8.0
6.0
1,000
4.0
2.0
800
(2.0)
600
(4.0)
(6.0)
400
114
|| 14
III 14
IV 14
115
|| 15
III 15
IV 15
11
8
9
7.2
7
5
4
3
2
1
0
-1
N
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
CAPITAL
GEORGIA
Headline Inflation
Average monthly nominal earnings
Source: Geostat
1,600
Monthly Inflation
Monthly nominal earnings increased by 0.9% in 4Q20
Mar-18
May-18
Jul-18
Sep-18
Nov-18
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
Mar-21
116
II 16
III 16
IV 16
117
|| 17
III 17
IV 17
118
II 18
III 18
IV 18
119
II 19
III 19
IV 19
120
II 20
III 20
IV 20
72
Core Inflation
GEL
-2
0
2
4
6
8View entire presentation