Georgia - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Georgia was 56.58 as of 2020. Its highest value over the past 33 years was 109.13 in 1994, while its lowest value was 31.25 in 1991.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1987 40.85
1988 46.58
1989 45.14
1990 45.33
1991 31.25
1992 66.29
1993 71.75
1994 109.13
1995 42.33
1996 32.37
1997 42.14
1998 37.11
1999 38.10
2000 39.67
2001 38.87
2002 42.40
2003 46.18
2004 47.91
2005 51.27
2006 56.65
2007 57.58
2008 58.03
2009 48.65
2010 49.94
2011 52.86
2012 55.43
2013 53.88
2014 56.84
2015 57.91
2016 56.03
2017 57.51
2018 61.20
2019 63.78
2020 56.58

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts