The National Bank of Georgia published a monthly macroeconomic review showing annual inflation of 5.9% in October, accelerating lending growth in September and official international reserves at a record USD 8.2 billion. Consumer prices increased 0.9% from September. Core inflation, which excludes volatile food, energy and cigarette prices, stood at 3.9%, while services inflation was 4.0%. Annual loan growth, excluding exchange rate effects, accelerated by 2.1 percentage points to 16.9% in September. Deposit dollarization remained at 43.0%, while dollarization of the total loan portfolio stood at 41.5%. September imports increased 15.3% year on year to USD 1.8 billion, driven mainly by intermediate goods, which contributed 10.5 percentage points to growth. Exports rose 4.0% to USD 731.5 million, with intermediate goods contributing 4.5 percentage points to annual growth in registered goods exports. Official international reserves increased by USD 26.5 million from the previous month to reach their record level.
National Bank of Georgia reports October inflation of 5.9% and faster lending growth in September
The National Bank of Georgia’s monthly review put annual inflation at 5.9% in October, with core inflation at 3.9%. Annual lending growth accelerated to 16.9% in September, excluding exchange rate effects. Official international reserves reached a record USD 8.2 billion that month, while imports increased 15.3% year on year and exports grew 4.0%.