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Georgia Didn’t Suffer Much from Russia’s Embargo
The losses of Georgia from Russia’s ban on wine imports weren’t particularly hefty, signaled the survey of International Economy School of Tbilisi State University.
The survey lasted for nine months and was based on the files of National Bank of Georgia, customs and statistics departments and on some other sources, Karina Torosyan, who coordinated the project, told Interfax.
Despite all problems suffered by Georgia in 2006, the country’s GDP surged 9.5 percent that year vs. the growth of 7.5 percent posted in 2005. The Q1’07 growth reached 11.4 percent.
In line with expectations, the agriculture suffered the greatest decline, but its losses were partially offset by improved efficiency of other branches of the industry, including processing industry, trade, financial services.
The foreign trade turnover of Georgia soared nearly 40 percent on year to $4.7 billion in 2006. At the same time, the red ink grew 65.5 percent to $2.7 billion.
Traditional leader in trading with Georgia, Russia predictably yielded the first score to Turkey and sank to the second position.
Georgian exports to Russia stood at $75.6 million, while the imports equaled $561.7 million. The exports of wine to the market of Russia went down by more than $40 million.
Meanwhile, the transfer of Russia’s money to Georgia grew 44 percent on year to $365 million, which corresponds to 66.8 percent of all money that the country received from overseas. This figure proves the activity of Georgian migrants in Russia wasn’t affected by the ban.
www.kommersant.com
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