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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 |
