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Economy of Georgia

The economy of Georgia is an emerging free market. Its gross domestic product fell sharply following the collapse of the Soviet Union but recovered in the mid-2000s, growing in double digits thanks to the economic and democratic reforms brought by the peaceful Rose Revolution. Georgia continued its economic progress since, "moving from a near-failed state in 2003 to a relatively well-functioning market economy in 2014". In 2007, the World Bank named Georgia the World's number one economic reformer, and has consistently ranked the country at the top of its ease of doing business index.

Georgia's economy is supported by a relatively free and transparent atmosphere in the country. According to Transparency International's 2015 report, Georgia is the least corrupt nation in the Black Sea region, outperforming all of its immediate neighbors, as well as nearby European Union states. With a mixed news media environment, Georgia is also the only country in its immediate neighborhood where the press is not deemed unfree.

Since 2014, Georgia is part of the European Union's Free Trade Area, with the EU continuing to be the country's largest trading partner, accounting for over a quarter of Georgia's total trade turnover. Following the EU trade pact, 2015 was marked by further increase in bilateral trade, whereas trade with the Commonwealth of Independent States (CIS) decreased precipitously.

In 2015, Georgia's main imports, in the order of magnitude, were: oil products, vehicles, hydrocarbons, copper ores and concentrates, mobile phones and other wireless phones, wheat, cigarettes, iron tubes and pipes, structures and parts of structures of iron.

Sectors

Energy

In recent years Georgia has fully deregulated its electricity sector, and now there is free and open access to the market.

Georgia has a sizable hydroelectric capacity, a factor that has become an increasingly important component of its energy supplies and policies. The country's topography and abundance of hydro resources give it serious potential to dominate hydroelectric markets in the Caucasus region.

Agriculture

Currently, about 55% of the total labour force is employed in agriculture, though much of this is subsistence farming.

Georgian agricultural production is beginning to recover following the devastation caused by the civil unrest and the necessary restructuring following the breakup of the Soviet Union.

Approximately 7% of the Georgian GDP (2011) is generated by the agrarian sector.

Food processing industry is developing align with the primary agricultural production and export of processed products is increasing year by year. Export of nuts constituted about 6% of Georgian export (2011) and is among 10 top export commodity list with total amount of 130 mln USD. Nuts was exported in 53 countries.

Tourism

Tourism is one of the fastest growing sectors of the Georgian economy, which has high potential for further development. During recent years the number of visitors to Georgiaincreased significantly contributing to the growth of other tourism related sectors.

Logistics

Re-exportation of vehicles which is one of the income sources for Georgia has lowered much during 2014-2015 stagnation, most noticeably to Azerbaijan: it became 5.1 times less (on 10 337 cars) comparing to the previous year.

Finance

Like most other post-socialist countries, Georgia's finance sector is dominated by banks. As of 2015, there were 21 commercial banks, of which 5 large banks controlled most of financial assets. There are some major challenges facing the banking sector. For instance, banks play a limited role in financing the real economy and in investing in activities that are required to stabilize the country's persistent trade.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Georgia"

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