Georgia GDP Trends from 1994 to 2024: A overall increase with some decline Flow

Georgia's GDP changed from approximately $850M in 1994 to $32B 865M in 2024, showing an overall 3766.5% sharply increased during the period.
The lowest GDP was recorded in 1994 at $850M, and the highest in 2024 at $32B 865M.
Over the 30-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 13.0%.
For comparison, the average annual growth rate of Russia was 11.1%, and that of Armenia was 18.6%.

Overview of Georgia's GDP (1994–2024)

The Gross Domestic Product (GDP) of Georgia recorded a 3766.5% sharply increased from 1994 to 2024.
The average GDP during this period was $11B 967M, and the median was $12B 425M.
GDP fluctuated within a range of $32B 15M, with a standard deviation of $8B 427M.
The average annual change was $871M 527K.


Georgia GDP from 1994 to 2024

The total market value of goods and services produced annually in Georgia.

Change Chart

    Highest and Lowest GDP Records

    • Lowest GDP: 1994, $850M
    • Highest GDP: 2024, $32B 865M
    • Most Recent GDP: 2024, $32B 865M

    Notable Annual GDP Changes

    • 2022: Significant increase in GDP
    • 2015: Noticeable drop in GDP

    Overall pattern: overall increase with some decline


    Global Economic Events and Georgia's GDP

    COVID-19 Pandemic (2020)

    • Period: From 2019 to 2020
    • GDP Change: $17B 645M → $16B 13M
    • Outcome: declined

    2008 Global Financial Crisis

    • Period: From 2007 to 2009
    • GDP Change: $10B 458M → $11B 69M
    • Outcome: increased

    2001 Dot-com Bubble Burst

    • Period: From 2000 to 2001
    • GDP Change: $3B 144M → $3B 311M
    • Outcome: increased

    1998 Asian Financial Crisis

    • Period: From 1997 to 1998
    • GDP Change: $3B 608M → $3B 730M
    • Outcome: increased

    Key Economic Indicators of Georgia (1994–2024)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    1994
    $ 850M
    $ 172.50
    $ 1,719.36
    $ 8B 476M
    0 %
    0 %
    −1.67 %
    0 %
    4M 930K people
    1995
    $ 1B 961M
    $ 413.49
    $ 1,872.29
    $ 8B 879M
    2.6 %
    -17.7 %
    12.17 %
    -2.725 %
    4M 742K people
    1996
    $ 3B 148M
    $ 688.36
    $ 2,184.66
    $ 9B 991M
    10.5 %
    -12.17 %
    −59.01 %
    -4.461 %
    4M 573K people
    1997
    $ 3B 608M
    $ 818.05
    $ 2,547.06
    $ 11B 233M
    10.527 %
    -12.722 %
    −57.54 %
    -4.857 %
    4M 410K people
    1998
    $ 3B 730M
    $ 869.52
    $ 2,730.31
    $ 11B 712M
    3.104 %
    -12.379 %
    −60.58 %
    -1.502 %
    4M 290K people
    1999
    $ 2B 898M
    $ 690.37
    $ 2,913.18
    $ 12B 228M
    2.953 %
    -9.688 %
    −65.37 %
    -2.134 %
    4M 198K people
    2000
    $ 3B 144M
    $ 763.71
    $ 3,091.01
    $ 12B 725M
    1.757 %
    -5.595 %
    −76.45 %
    0.813 %
    4M 117K people
    2001
    $ 3B 311M
    $ 820.01
    $ 3,380.11
    $ 13B 647M
    4.885 %
    -5.953 %
    −69.54 %
    1.005 %
    4M 38K people
    2002
    $ 3B 493M
    $ 875.19
    $ 3,658.43
    $ 14B 602M
    5.358 %
    -6.21 %
    0 %
    1.727 %
    3M 991K people
    2003
    $ 4B 102M
    $ 1,034.53
    $ 4,196.91
    $ 16B 643M
    11.779 %
    -9.316 %
    24.84 %
    1.367 %
    3M 966K people
    2004
    $ 5B 269M
    $ 1,338.09
    $ 4,592.08
    $ 18B 82M
    5.796 %
    -6.76 %
    28.40 %
    4.987 %
    3M 938K people
    2005
    $ 6B 590M
    $ 1,682.53
    $ 5,217.62
    $ 20B 437M
    9.588 %
    -10.556 %
    26.36 %
    3.15 %
    3M 917K people
    2006
    $ 7B 979M
    $ 2,052.26
    $ 5,929.09
    $ 23B 52M
    9.42 %
    -14.93 %
    19.30 %
    4.015 %
    3M 888K people
    2007
    $ 10B 458M
    $ 2,700.42
    $ 6,882.82
    $ 26B 655M
    12.579 %
    -19.048 %
    17.11 %
    1.367 %
    3M 873K people
    2008
    $ 13B 158M
    $ 3,419.91
    $ 7,231.98
    $ 27B 826M
    2.419 %
    -21.364 %
    9.14 %
    -1.307 %
    3M 848K people
    2009
    $ 11B 69M
    $ 2,890.71
    $ 7,045
    $ 26B 975M
    -3.651 %
    -10.31 %
    7.44 %
    -5.439 %
    3M 829K people
    2010
    $ 12B 425M
    $ 3,269.92
    $ 7,684.25
    $ 29B 199M
    6.942 %
    -9.648 %
    11.28 %
    -3.546 %
    3M 800K people
    2011
    $ 15B 475M
    $ 4,100.98
    $ 8,525.02
    $ 32B 170M
    7.949 %
    -11.91 %
    11.21 %
    0.296 %
    3M 774K people
    2012
    $ 16B 893M
    $ 4,518.06
    $ 10,039.62
    $ 37B 541M
    6.579 %
    -11.144 %
    14.88 %
    0.199 %
    3M 739K people
    2013
    $ 17B 516M
    $ 4,710.61
    $ 10,811.77
    $ 40B 202M
    5.134 %
    -5.455 %
    16.25 %
    -0.433 %
    3M 718K people