Tracking Georgia's Economic Recovery

CREDIT GROWTH DYNAMICS BANKING SECTOR CORPORATE & RETAIL LOANS TO GDP Source: NBG, Geostat MORTGAGE LOANS 114,500 8,161 106,370 70% 7,048 92,980 Retail loans to GDP 6,031 30,400 60% 72,140 31,720 Corporate loans to GDP 37% 50% 4,315 5,062 35,990 33% 4,453 33% 32,680 40% 27% 30% 4,604 23% 3,350 74,650 84,100 30% 20% 56,990 17% 11% 12% 13% 2,595 2,649 39,470 20% 31% 35% 966 1,427 10% 17% 17% 18% 19% 21% 26% 24% 25% 27% 2018 2019 9M20 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M20 2017 ■FX-denominated mortgage loans, GEL mn ■GEL-denominated mortgage loans, GEL mn Total mortgage loans, GEL mn Number of mortgage loans in FX Number of mortgage loans in GEL ◆ Total number of mortgage loans 2017 2018 2019 9M20 REAL ESTATE PRICE INDEX 120 100 80 ៖ ៖ ៖ ៖ ៖ 8 8 9 180 160 Inflation adjusted real estate price index (2010=100, GEL) Real wage index (2010=100, GEL) 140 1Q07 2Q07 3Q07 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 3Q14 4Q14 4x14 SLOL 2Q15 3Q15 4Q15 Source: NBG, Geostat 64 Source: NBG

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