Portfolio Valuation and Ameriabank Acquisition Update
REAL GDP UP BY 7.5% IN 2023, WHILE
INFLATION HAS FALLEN BELOW THE TARGET
PRELIMINARY ECONOMIC GROWTH STANDS AT 7.5% Y-O-Y IN 2023, FOLLOWING TWO
YEARS OF DOUBLE-DIGIT EXPANSION (10.6% AND 11.0% IN 2021-2022, RESPECTIVELY)
GEORGIA
CAPITAL
ANNUAL INFLATION STANDING BELOW THE 3% TARGET SINCE APRIL
2023, WITH JANUARY 2024 INFLATION REPORTED AT 0.0% Y-O-Y
7.9%
6.6%
5.1%
6.1%
5.2%
5.4%
4.1%
3.4%
3.4%
10.6% 11.0%
7.5%
14%
12%
10%
-6.3%
8%
2011
2012 2013 2014
2015
2016
2017
2018 2019 2020
2021
2022 2023F
NOMINAL GDP IN US DOLLARS SURGES TO US$ 31 BILLION, NEARLY DOUBLING OVER A
THREE-YEAR SPAN
9,000
Nominal GDP, USD bn, RHS
I Nominal GDP, GEL bn, RHS
8,000
GDP Per Capita, USD, LHS
2006
7,000
6,000
6%
90
8,170
80
4%
80
4.0%
70
73
3.1%
60
2%
60
5,000
32
4,000
28
29
26
22
15
17
18
18
3,000
כון
61
50
50
45
41
3
37
4,301
35
50
0%
40
-0.5%
30
-2%
31
20
25
2013
2014
2015
15
16
18
18
16
19
10
2017
2018 2019
2020 2021
2022 2023F
2010 2011 2012 2013 2014 2015 2016
Georgia Capital PLC | Source: Geostat, IMF, WEO (October 2023)
6.0%
5.2%
4.9%
2.6%
2.1%
9.6%
11.9%
2.5%
2016 2017 2018 2019 2020 2021 2022 2023
Headline Inflation - Target
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