Non-Oil Real GDP Growth in Constant Prices for Georgia
GEONGDPXORPCHPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.00
Year-over-Year Change
-45.71%
Date Range
1/1/2000 - 1/1/2023
Summary
The 'Non-Oil Real GDP Growth in Constant Prices for Georgia' series measures the year-over-year growth rate of Georgia's real GDP excluding the oil sector. This statistic is a key indicator of the overall health and performance of Georgia's economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This metric tracks changes in Georgia's total economic output, adjusted for inflation, while excluding the oil and gas sector. It provides insight into the broader, non-oil-driven growth of the Georgian economy, which is important for policymakers and investors to monitor.
Methodology
The data is calculated by the Georgian government based on official national accounts data.
Historical Context
Analysts and policymakers use this metric to assess the underlying strength of Georgia's economy and inform decisions on fiscal, monetary, and regulatory policies.
Key Facts
- Georgia's non-oil real GDP grew by 5.3% in 2021.
- The non-oil sector accounts for over 90% of Georgia's total economic output.
- This metric has been tracked by the Federal Reserve since 2005.
FAQs
Q: What does this economic trend measure?
A: This trend measures the year-over-year growth rate of Georgia's real GDP, excluding the oil and gas sector. It provides a view of the broader, non-oil-driven performance of the Georgian economy.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the underlying strength and diversification of Georgia's economy, beyond the influence of the volatile oil and gas industry. It helps policymakers and investors assess the broader health of the Georgian economy.
Q: How is this data collected or calculated?
A: The data is calculated by the Georgian government based on official national accounts statistics.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to evaluate the broader performance of the Georgian economy and inform decisions on fiscal, monetary, and regulatory policies aimed at promoting sustainable, non-oil-driven growth.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent figures. Additionally, the metric only provides a high-level view of the non-oil economy and does not capture detailed sectoral performance.
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Citation
U.S. Federal Reserve, Non-Oil Real GDP Growth in Constant Prices for Georgia (GEONGDPXORPCHPT), retrieved from FRED.