The International Chamber of Commerce in Georgia (ICC Georgia) published Georgia’s Foreign Economic Dependence Index (GFEDI). According to the document, in 2022, Georgia is way more dependent economically on Russia than it ever was in its recent history. The Economic Dependence on Russia fluctuated dramatically: 2003 (16%), 2012 (9%) and 2022 (18%).
The report notes, that the Economic Dependence on the USA in 2003 was (10%), in 2012 (4%) and in 2022 (7%), the increase between 2012 and 2022 can be explained by a sub-stantial increase in money flow and in imports, mainly used cars.
According to report, the Economic Dependence on the EU compared to the Grand Total stands con-sistent: 2003 (21%), 2012 (24%) and 2022 (23%).
The Economic Dependence on Turkey compared to the Grand Total stands con-sistent: 2003 (10%), 2012 (12%) and 2022 (12%).
The Economic Dependence on China has been increasing regularly over the years:2003 (2%), 2012 (5%), 2022 (8%).
Foreign Economic Dependence Index is calculated by adding together for each country in the survey the total of the following parameters: Imports + Exports + Money flow + FDI + Income from Foreign Travel (5 parameters).
Georgia’s Foreign Economic Dependence Index (GFEDI) is prepared by the International Chamber of Commerce in Georgia (ICC-Georgia), and will be computed quarterly to monitor on regular basis the foreign economic dependence of Georgia.
