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Georgia Economy
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
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