Weekly Update from the Chief Economist

22 Nov, 2021
  • October inflows were strong, pointing to continuous extraordinary performance in the economy
  • At the same time, imports and credit cooled a bit
  • In Q3, the number of jobs have increased, though unemployment rate still went up mainly on the back of higher labor force participation rate
  • October exports, imports and PPI indices went up, indicating to a stronger near term CPI than we are projecting
  • Net inflows and switching to the GEL deposits supported the GEL exchange rate
  • However, on the back of stronger USD worldwide and further weakening of Turkish lira, we do not rule out limited though still some correction
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