The beginning of the war disrupted the production and trade of commodities significantly, in which Ukraine (grains and oilseeds), Belarus (fertilizers), and Russia (energy and grains) were the main exporters. [...] Under the latest forecasts from the National Bank of Georgia (NBG), these pressures have partly been balanced by appreciation in the lari exchange rate, which tended to lower the price of imported goods. [...] The higher price of consumer goods was the major contributor to increased export in Q3 (NBG, October 2022), followed by the increased export of investment goods. [...] As in Q2, Russia was the main contributor to the rise in money transfers, the latter having risen by 231% y/y and contributing 43.2 pp to the overall growth. [...] This was most likely due to the appreciation of the GEL against the USD and euro.
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- Georgia
