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The Georgian Economy

Archaeological research demonstrates that Georgia has been involved in commerce with many lands and empires since the ancient times, largely due its location on the Black Sea and later on the historical Silk Road. Gold, silver, copper and iron have been mined in the Caucasus Mountains. Wine making is a very old tradition.

Throughout Georgia's modern history agriculture and tourism have been principal economic sectors, due to the country's climate and topography.

Georgia is becoming more integrated into the global trading network: its 2006 imports and exports account for 10% and 18% of GDP respectively. Georgia's main imports are natural gas, oil products, machinery and parts, and transport equipment.

Since coming to power Saakashvili administration accomplished a series of reforms aimed at impoving tax collection. Among other things a flat income tax was introduced in 2004. As a result budget revenues have increased fourfold and once large budget deficit has turned into surplus.

Georgia is developing into an international transport corridor through Batumi and Poti ports, an oil pipeline from Baku through Tbilisi to Ceyhan, the Baku-Tbilisi-Ceyhan pipeline (BTC) and a parallel gas pipeline, the South Caucasus Pipeline.

Tourism is an increasingly significant part of the Georgian economy. About a million tourists brought US$313 million to the country in 2006. According to the government, there are 103 resorts in different climatic zones in Georgia. Tourist attractions include more than 2000 mineral springs, over 12,000 historical and cultural monuments, four of which are recognised as UNESCO World Heritage Sites (Bagrati Cathedral in Kutaisi and Gelati Monastery, historical monuments of Mtskheta, and Upper Svaneti).

Source: Wikipedia

 

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