Georgia's Economic Outlook 2020

120 100 80 60 40 20 Jan-14 INFLATION TARGETING SINCE 2009 ANNUAL INFLATION Source: Geostat MONTHLY INFLATION Jan-14 Apr-14 Aug-14 Nov-14 Mar-15 Jun-15 Oct-15 Jan-16 May-16 Aug-16 Dec-16 Apr-17 Jul-17 Nov-17 Feb-18 Jun-18 Sep-18 Jan-19 Apr-19 Aug-19 Dec-19 Mar-20 Headline inflation -Core (non-food, non-energy, non-tobacco) WORLD COMMODITY PRICES -Energy Non-energy Apr-14 Aug-14 Nov-14 Mar-15 Jun-15 Oct-15 Jan-16 May-16 Aug-16 Dec-16 Apr-17 Jul-17 Nov-17 Feb-18 Jun-18 Sep-18 Jan-19 Apr-19 Aug-19 Dec-19 6.1% 0% MA 60 Source: Geostat 0.7% 1% M Mar-20 60 40 20 08 120 100 Jan-14 Apr-14 Aug-14 Nov-14 Mar-15 Jun-15 Oct-15 Jan-16 May-16 Note: Jan 2014=100 Source: World Bank AVERAGE INFLATION Jan-14 Apr-14 Aug-14 Nov-14 Mar-15 Jun-15 Oct-15 Jan-16 May-16 Aug-16 Aug-16 Dec-16 Dec-16 Apr-17 Apr-17 Jul-17 Jul-17 Nov-17 Nov-17 Feb-18 Feb-18 Jun-18 Jun-18 Sep-18 Sep-18 Jan-19 Jan-19 Apr-19 Apr-19 Aug-19 Dec-19 Mar-20 5.8% 6% Source: Geostat Aug-19 Dec-19 Mar-20

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