The National Bank of Georgia has come with the latest monthly report. It has Released the January 2024 Monthly Economic Review, from which everyone can make an assessment of economic decisions for the future.
It is to be specifically mentioned that the National Bank of Georgia has published its January 2024 Monthly Review report recently.Moreover, the bank, with this report, also offers a comprehensive analysis of the latest macroeconomic trends and developments in the country’s banking and financial sectors so that people can learn new things about the economic scenario of the country.
As per the representative of the banks, this publication released by the bank has the aim to provide the public with a brief macroeconomic overview based on the most recent data available.
The inflation Dynamics scenario is as follows:
In the month of December, the annual inflation rate stood at 0.4%, with a slight increase of 0.1% from November of last month.
It is to be noted that the low inflation rate has been attributed to a decrease in domestic inflation ifnation, which is a result of stringent monetary policies.
A continued decline in global food prices significantly impacts the inflation rate throughout the year in the country as well.
At the same time, the Georgian Lari’s (GEL) strong real effective exchange rate contributes to keeping imported inflation low for the benefit of the country.
Below is the data for Inflation for locally produced goods dropped to 3.6% in December:
Banking Sector Insights Excluding exchange rate affected the loan growth in November, showing a 16.3% annual increase again.
Similarly, the Deposit of the currency dollar in November 2023 rose marginally by 0.3 percentage points from the previous month and has reached up to 50.8%.
Foreign Sector Overview is as below:
In November, the imports was a 7.6% year-on-year decline in goods imports mainly due to reduced imports of intermediate goods, while consumer and investment goods imports saw modest increases.
With regard to Exports: in the month of November, exports witnessed a 1.8% year-on-year decrease in registered goods exports, largely due to a drop in intermediate goods exports.
