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%.
Georgia GDP from 1994 to 2024
The total market value of goods and services produced annually in Georgia.
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.
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)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
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 |