Economy Annex

Fiscal indicators: The worst seems past Overall fiscal balance of the state budget, 2004-2011F GEL mln 0.0 0.0% 2006 2007 2008 2009 2010F 2011F -200.0 -1.0% -468.9 -400.0 -815.7 -2.0% -935.7 -600.0 -3.0% -1,258.6 -1,390.1 -4.5% -800.0 -4.0% -3.4% -1,720.5 -1,000.0 -5.0% -4.8% -1,200.0 -6.0% -1,400.0 -7.0% -6.6% -7.3% -1,600.0 -8.0% -1,800.0 -9.0% -2,000.0 -9.4% -10.0 Overall fiscal balance Fiscal revenue performance GEL mln 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0 January February March April May ■2007 Source: National Bank of Georgia, National Statistics Office of Georgia Labkon BANK OF GEORGIA www.bog.ge/ir June -Overall fiscal balance as % of GDP 2008 July 2009 August 2010 September October November December October 2010 Page 36

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