Consolidated budget remained in surplus in 9 months of 2018. In 9m 2018 budget surplus amounted to GEL 210 mln, as opposed to the deficit of GEL 550 mln over the same period of 2017. In Q3 2018 budget surplus stood at 0.7% of GDP compared to 3.3% budget deficit in Q3 2017. In September 2018 budget deficit stood at 39 mln (around 1.1% of GDP) as opposed to c. 200 mln GEL in September 2017, indicating weaker fiscal stimulus and contractionary effect on annual GDP growth also in September.
Source: TBC Research
