Georgia Economy

Georgia Economy

Economy of Georgia

The total gross domestic product of Georgia in the year of 2007 was $396 billion. It’s per person individual earnings for the year 2007. This positions it on rank 37th in the country at the amount of $33,499. If Georgia was a separate nation, it would be the 28th biggest country on the planet in terms of financial economy.

15 Fortune 500 companies and 26 Fortune 1000 companies have their head office in Georgia, counting the companies with the likes of Home Depot, UPS, Coca Cola, Delta Air Lines, AFLAC, Southern Company, and SunTrust Banks. Georgia is the home of 1,700 plus globally centered services on behalf of 43 nations occupying more than 112,000 Georgians with an anticipated capital assets of $22.7 billion.

Economy of Georgia
Georgia Currency 1 Georgian lari (GEL) = 100 tetri
Georgia Fiscal Year 1 January - 31 December
Trade organisations WTO, GUAM and others
Georgia Statistics
Georgia GDP $20.75 billion (2009 est.)
Georgia GDP Growth -4.9% (2009 est.)
7.9% (2004-2008 average)
Georgia GDP Per Capita $4,500 (2009 est.) (PPP) (149th)
Georgia GDP by Sector agriculture: 12.1%; industry: 25.9%; services: 62% (2009 est.)
Georgia Inflation (CPI) 3% (2009 est.)
Georgia Population
below poverty line
31% (2006)
Georgia Gini Index 40.8 (2005)
Georgia Labour Force 1.991 million (2009 est.)
Georgia Labour Force
by Occupation
agriculture: 55.6%; industry: 8.9%; services: 35.5% (2006 est.)
Georgia Unemployment 16.9% (2009 est.)
Georgia Main Industries steel, aircraft, machine tools, electrical appliances, mining (manganese and copper), chemicals, wood products, wine
Georgia External
Georgia Exports $1.134 billion (2009 est.)
Georgia Export Goods scrap metal, wine, mineral water, ores, vehicles, fruits and nuts
Georgia Main Export Partners Turkey 19.9%, Azerbaijan 14.6%, Canada 10.3%, Armenia 7.8%, Ukraine 7.3%, Bulgaria 7.2% (2009)
Georgia Imports $4.378 billion (2009 est.)
Georgia Import Goods fuels, vehicles, machinery and parts, grain and other foods, pharmaceuticals
Georgia Main Import Partners Turkey 17.9%, Ukraine 9.5%, Azerbaijan 8.6%, Germany 6.8%, Russia 6.6%, US 5.1% (2009)
Georgia FDI Stock $759 million (2009 est.)
Georgia Gross External Debt $7.711 billion (31 December 2008)
Georgia Public Finances
Georgia Public Debt 34.4% of GDP (2009)
Georgia Revenues $4.917 billion (2009 est.)
Georgia Expenses $5.726 billion (2009 est.)
Georgia Economic Aid ODA $309.8 million (2005 est.)
Georgia Foreign Reserves $1.08 billion (31 December 2009 est.)

Georgia Agriculture and Industry Economy

The farming products of the Georgia are fowl and eggs, pecans, peaches, peanuts, rye, cattle, hogs, milk products, turf grass, tobacco, fruits and vegetables. Among its manufacturing products are textiles and clothes, transport parts and tools, cigarettes, processing of foodstuffs, paper and paper related products, chemicals and related goods, and electric gears. Sightseeing and tourism also share a significant involvement in the terms of money to the financial system. Elberton is very famous for its Granite around the World. Atlanta has always been the place of massive increase in the sector of real estate, in the service sector, and in the telecommunications sectors.

Atlanta has a very big impact on the economy of the state of Georgia and the South eastern United States. The metropolis is an always increasing augmentation to the sectors of telecommunications, manufacturing, transport and shipping, tourism and sightseeing, and administration.

In addition, food and food processing is also a most important sector in Georgia, with extensive lands yielding peanuts, corns, and soybeans all along the central and south Georgia. The state is the numero uno in the terms of pecans productions in the world, with the areas in the region of Albany in south west Georgia being the hub of the pecan production of Georgia. Gainesville in north east Georgia is supposed to be the hub of poultry and related products of the world.

Even though the commerce and service industries provide the greater part of the jobs in Georgia, manufacturing and agriculture sector continue to be the significant to the economy of the state. Manufacturing sector across Georgia is fairly assorted. Chief yields in the stone and wood industry take in a diversity of pines, clays, stones, and sands. The terracotta palygorskite, recognized by the name of attapulgite, was called so due to its great quantity in close proximity to the Decatur County city of Attapulgus in the extreme south west corner of the state. Attapulgite has plentiful health, beauty, and manufacturing utilizations. Fabric and textile sector is situated around the towns of Rome, Columbus, Augusta, Macon and by the length of the I-75 strip situated between Atlanta and Chattanooga, Tennessee to take in the cities of Cartersville, Calhoun, Ringgold, and Dalton which is famous for its carpet manufacturing across the world.

With its huge number of inhabitants and position by the length of main transportation roads, Atlanta is the most important hub of tourism and sightseeing, transport, telecommunications, administration and manufacturing. A few manufacturing industries in Atlanta takes in vehicle and airplane manufacturing, printing and paper industry, and big firms. A few of the conglomerates having their head offices in the city of Atlanta region are: Arby's, Chick-fil-A, The Coca-Cola Company, Georgia-Pacific, Hooters etc.

With its reasonable winter weather conditions and its Southern allure and loveliness, the state is much admired holiday district. The Sea Islands are in particular famous for their panorama and holiday inns. Warm Springs, instituted with the aid of President Franklin D. Roosevelt for the cure of poliomyelitis, is at the present a chronological attraction .

Georgia has one among the most powerful armed forces existence in the United States. Quite a few United States martial set ups are there in the state of Georgia counting the likes of Fort Stewart, Hunter Army Airfield, Naval Submarine Base Kings Bay and others.

Georgia Energy Use and Manufacturing

The electricity production and utilization of Georgia are amongst the maximum of that in the whole United States, with coal being the most important source of electrical production. On the other hand, the state also has two nuclear energy set ups which have a share of less than twenty five percent of electricity production of whole Georgia. If we see the statistics and data of the electricity production, they are as follows :
75% is from coal,
16% is from nuclear energy,
7% is from oil and natural gas,
1% is from hydroelectric/other.
The major source of energy expenditure is the manufacturing industry for the reason that Georgia is a major state in terms of the power exhaustive timber and paper goods sectors.

Georgia State Taxes

The individual income tax varies between 1% and 6%. There is a 4% state sales duty, which is not levied upon medicine and drugs, a few medicinal gears, and foodstuffs. Every region may add together to a 2% SPLOST. Regions contributing in MARTA have an additional of 1%. Local duties are roughly for all time levied on foodstuffs but never or medicines and drugs. Equal to 1% of a SPLOST can contribute to farmhouse exceptions. All the duties are submitted to the Georgia Department of Revenue and then suitably dispersed as per the conformity that each province has with its metropolis town.

Georgia State Tax Tables

Tax Withholding Table Single
If the Amount of
Taxable Income Is:
The Amount of Georgia
Tax Withholding Should Be:

Over:
But Not
Over:
  Of Excess
Over:
$ 0 $ 750 $ 0.00 plus 1% $ 0
750 2,250 7.50 plus 2% 750
2,250 3,750 37.50 plus 3% 2,250
3,750 5,250 82.50 plus 4% 3,750
5,250 7,000 142.50 plus 5% 5,250
7,000 and over 230.00 plus 6% 7,000

 

Married
If the Amount of
Taxable Income Is:
The Amount of Georgia
Tax Withholding Should Be:

Over:
But Not
Over:
  Of Excess
Over:
$ 0 $ 500 $ 0.00 plus 1% $ 0
500 1,500 5.00 plus 2% 500
1,500 2,500 25.00 plus 3% 1,500
2,500 3,500 55.00 plus 4% 2,500
3,500 5,000 95.00 plus 5% 3,500
5,000 and over 170.00 plus 6% 5,000

 

Married or Head of Household
If the Amount of
Taxable Income Is:
The Amount of Georgia
Tax Withholding Should Be:

Over:
But Not
Over:
  Of Excess
Over:
$ 0 $ 1,000 $ 0.00 plus 1% $ 0
1,000 3,000 10.00 plus 2% 1,000
3,000 5,000 50.00 plus 3% 3,000
5,000 7,000 110.00 plus 4% 5,000
7,000 10,000 190.00 plus 5% 7,000
10,000 and over 340.00 plus 6% 10,000

Georgia Tax Limits

File Status Income Lower Limit Income Upper Limit Fix Withheld Percentage Rate
S $0.00 $51.00 $0.00 0.00%
S $51.00 $198.00 $0.00 10.00%
S $198.00 $653.00 $14.70 15.00%
S $653.00 $1,533.00 $82.95 25.00%
S $1,533.00 $3,202.00 $302.95 28.00%
S $3,202.00 $6,916 $770.27 33.00%
S $6,916 up $1,995.89 35.00%
M $0.00 $154.00 $0.00 0.00%
M $154.00 $453.00 $0.00 10.00%
M $453.00 $1,388 $29.90 15.00%
M $1,388 $2,651 $170.15 25.00%
M $2,651 $3,994 $485.90 28.00%
M $3,994 $7,021 $861.94 33.00%
M $7021 up $1,860.85 35.00%

Georgia Economy Overview

Economy Georgia
GDP: purchasing power parity - $12.18 billion (2004 est.)
GDP - Real Growth Rate: 5.5% (2004 est.)
GDP - per Capita: purchasing power parity - $2,500 (2004 est.)
GDP - Composition by Sector: agriculture: 20.5%
industry: 22.6%
services: 56.9% (2004 est.)
Investment (Gross Fixed): 18% of GDP (2004 est.)
Population Below Poverty line: 54% (2001 est.)
Household Income or Consumption by Percentage Share: lowest 10%: 2.3%
highest 10%: 27.9% (1996)
Distribution of Family Income - Gini Index: 37.1 (1996)
Inflation Rate (consumer prices): 4.8% (2004 est.)
Labor Force: 2.1 million (2001 est.)
Labor Force - by Occupation: agriculture 40%, industry 20%, services 40% (1999 est.)
Unemployment Rate: 17% (2001 est.)
Budget: revenues: $603.5 million
expenditures: $700.5 million, including capital expenditures of NA (2004 est.)
Agriculture - Products: citrus, grapes, tea, hazelnuts, vegetables; livestock
Industries: steel, aircraft, machine tools, electrical appliances, mining (manganese and copper), chemicals, wood products, wine
Industrial Production Growth Rate: 3% (2000)
Electricity - Production: 7.27 billion kWh (2001)
Electricity - Consumption: 7.611 billion kWh (2001)
Electricity - Exports: 0 kWh (2001)
Electricity - Imports: 850 million kWh (2001)
Oil - Production: 2,000 bbl/day (2001 est.)
Oil - Consumption: 31,500 bbl/day (2001 est.)
Oil - Exports: NA (2001)
Oil - Imports: NA (2001)
Natural Gas - Production: 60 million cu m (2001 est.)
Natural Gas - Consumption: 1.16 billion cu m (2001 est.)
Natural Gas - Exports: 0 cu m (2001 est.)
Natural Gas - Imports: 1.1 billion cu m (2001 est.)
Current Account Balance: $-365 million (2004 est.)
Exports: $615 million (2004 est.)
Exports - Commodities: scrap metal, machinery, chemicals; fuel reexports; citrus fruits, tea, wine
Exports - Partners: Russia 17.7%, Turkey 17.3%, Turkmenistan 12.2%, Armenia 8.6%, Switzerland 6.9%, Ukraine 6.3%, UK 5.9% (2003)
Imports: $1.25 billion (2003 est.)
Imports - Commodities: fuels, machinery and parts, transport equipment, grain and other foods, pharmaceuticals
Imports - Partners: Russia 14%, UK 12.9%, Turkey 9.9%, Azerbaijan 8.3%, US 8%, Germany 7.3%, Ukraine 7%, France 4.9% (2003)
Reserves of Foreign Exchange & Gold: $190.7 million (2004 est.)
Debt - External: $1.8 billion (2002)
Economic Aid - Recipient: ODA $150 million (2000 est.)
Currency: lari (GEL)
Currency Code: GEL
Exchange Rates: lari per US dollar - 2.1457 (2003), 2.1957 (2002), 2.073 (2001), 1.9762 (2000), 2.0245 (1999)
Fiscal Year: calendar year