Georgia's Economic Outlook 2020

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 RECENT TREND - REAL GDP AND ITS COMPONENTS REAL GDP GROWTH BY QUARTER, % CHANGE Y/Y Source: Geostat 66 CONTRIBUTION TO REAL GDP GROWTH Source: Geostat, Galt & Taggart 8% ■Consumption Investment Net export 6.8% 7.2% 12% 7% 6.0% 5.8% 9% 6% 5.0% 5.1% 5% 4.5% 4.4% 6% 4% 4.5% 4.6% 3% 4.1% 3.6% 0% 3% 3.4% 2.2% 3.2% -3% 2% 1.5% 1.8% -6% 1% LA TU 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 Consumption driving growth SAVINGS AND INVESTMENT TO GDP REAL GDP GROWTH BY MONTH, % CHANGE Y/Y Source: Geostat Source: Geostat ■Savings Investments 10% 40% 30% 20% 10% 0% 7.5% 6.7% 6.1% 8% 6.0% 6.5% 5.6% 5.5% 5.6% 6% 4.6% 4.6% 5.0% 5.8% 5.7% 6.4% 5.1% 5.6% 5.1% 4% 4.7% 5.2% 4.4% 4.0% 3.5% 3.8% 2.2% 2% 2.0% 2.2% 0% -2% -2.7% -4% Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

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