Georgia Table of Contents
Gross National Product (GNP): Estimated at US$4.7 billion in 1992, or approximately US$850 per person. Economic growth negative in early 1990s because of destruction of infrastructure, unavailability of inputs, and failure of economic reorganization.
Agriculture: Very productive with irrigation of western lowlands, but efficiency hindered by post-Soviet misallocation of land and materials. Tea and citrus fruits produced in subtropical areas; also grain, sugar beets, fruits, wine, cattle, pigs, and sheep. Over half of cultivated land privatized as of end of 1993.
Industry and Mining: Industry heavily dependent on inputs from other Commonwealth of Independent States (CIS) republics and from abroad. Main products semifinished metals, vehicles, textiles, and chemicals. Coal, copper, and manganese principal minerals.
Energy: Scant domestic fuel reserves; 95 percent imported (mostly oil and natural gas) in 1990. Coal output dropped sharply through early 1990s. Hydroelectric potential high, but mainly untapped. Power output does not meet domestic needs.
Exports: Estimated at US$32.6 million in 1992. Major exports citrus fruits, tea, machinery, ferrous and nonferrous metals, and textiles. Main markets Armenia, Azerbaijan, Bulgaria, Czechoslovakia, Germany, Poland, Russia, and Turkey.
Imports: Estimated at US$43.8 million in 1992. Major imports machinery and parts, fuels, transportation equipment, and textiles. Main suppliers Bulgaria, Czechoslovakia, Poland, Russia, and Ukraine.
Balance of Payments: Estimated as US$23.7 million deficit in 1992.
Exchange Rate: Coupon introduced in early 1993. November 1994 exchange rate 1,625,000 coupons per US$1.
Inflation: Estimated in January 1993 at 50 percent monthly.
Fiscal Year: Calendar year.
Fiscal Policy: Centralized decision making, but large underground economy limits economic control. Extensive manipulation of tax structure in 1992-93 to shrink large budget deficits. Deficits remained high as revenue estimates fell short. Enterprise privatization slow.
Data as of March 1994