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Economy of Georgia vs Luxembourg compared: GDP & Debt

Updated on by Georank

Georgia has a GDP of $38.1B compared to $101B for Luxembourg, ranking 106/197 and 75/197 by economy size, respectively.

Georgia has $13.1B in government debt (34.3% of GDP), compared to $27.3B (27% of GDP) in Luxembourg.

Georgia vs Luxembourg GDP by year

Georgia
Luxembourg
1x
Year GDP, current $
Georgia Luxembourg
2025 $38,143,612,855 $101,157,829,491
2024 $34,189,423,333 $93,279,851,863
2023 $30,777,833,601 $88,788,881,539
2022 $24,984,568,960 $80,801,680,397
2021 $18,853,115,589 $86,386,759,695
2020 $16,010,869,216 $73,670,782,100
2019 $17,638,337,117 $69,872,035,114
2018 $17,902,544,881 $71,085,623,495
2017 $16,473,125,375 $65,712,180,343
2016 $15,444,548,902 $62,216,885,436
2015 $15,223,796,149 $60,071,584,216
2014 $17,966,015,109 $68,804,814,555
2013 $17,517,660,144 $65,203,276,467
2012 $16,894,392,033 $59,776,383,527
2011 $15,475,290,469 $61,696,281,326
2010 $12,426,907,967 $56,213,985,987
2009 $10,766,920,066 $54,467,289,898
2008 $12,795,145,131 $58,844,277,702
2007 $10,172,931,089 $51,587,401,416
2006 $7,745,250,734 $42,910,153,830
2005 $6,410,912,050 $37,672,311,223
2004 $5,125,365,192 $35,064,843,793
2003 $3,991,377,904 $29,667,268,248
2002 $3,395,766,678 $23,649,832,387
2001 $3,219,462,262 $21,387,550,720
2000 $3,057,475,335 $21,230,200,538
1999 $2,800,025,883 $21,899,317,599
1998 $3,613,497,317 $20,150,055,568
1997 $3,510,520,231 $19,563,836,265
1996 $3,094,936,177 $20,895,314,658
1995 $2,693,732,612 $20,853,093,870
1994 $2,513,867,645 $17,701,798,891
1993 $2,701,181,331 $15,925,521,222
1992 $3,690,328,964 $15,518,702,635
1991 $6,324,503,311 $13,834,219,728
1990 $7,735,927,264 $12,778,792,854
1989 $8,902,632,715 $10,037,674,038
1988 $8,833,588,173 $9,418,167,855
1987 $7,321,981,334 $8,320,902,215
1986 - $6,685,595,088
1985 - $4,577,211,767
1984 - $4,438,435,493
1983 - $4,524,217,751
1982 - $4,602,316,793
1981 - $5,053,665,797
1980 - $6,019,805,490
1979 - $5,516,982,664
1978 - $4,718,539,772
1977 - $3,789,321,328
1976 - $3,423,586,207
1975 - $3,123,333,333
1974 - $3,183,637,117
1973 - $2,609,875,802
1972 - $1,901,697,370
1971 - $1,518,773,421
1970 - $1,457,768,455
1969 - $1,245,432,991
1968 - $1,075,561,623
1967 - $983,052,315
1966 - $976,717,015
1965 - $929,477,285
1964 - $910,877,686
1963 - $797,902,154
1962 - $747,846,862
1961 - $710,163,719
1960 - $709,941,874

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/georgia/luxembourg | CC BY

GDP per capita in Georgia vs Luxembourg by year

Georgia
GDP per capita

GDP per capita, PPP
Luxembourg
GDP per capita

GDP per capita, PPP
1x
Year Current $
Georgia Luxembourg
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $9,692 - $147,252 -
2024 $8,968 $28,285 $137,782 $155,941
2023 $8,284 $25,072 $133,231 $150,508
2022 $6,730 $22,461 $123,720 $146,919
2021 $5,084 $18,916 $134,966 $136,772
2020 $4,301 $16,791 $116,860 $122,067
2019 $4,741 $16,770 $112,697 $121,372
2018 $4,804 $15,022 $116,927 $116,638
2017 $4,419 $13,719 $110,193 $114,986
2016 $4,143 $13,065 $106,899 $113,365
2015 $4,087 $12,270 $105,462 $107,860
2014 $4,830 $11,771 $123,679 $105,296
2013 $4,712 $10,797 $120,000 $100,925
2012 $4,531 $10,060 $112,585 $96,636
2011 $4,120 $8,564 $119,025 $94,475
2010 $3,282 $7,712 $110,886 $90,336
2009 $2,823 $7,119 $109,420 $86,919
2008 $3,325 $7,279 $120,422 $90,971
2007 $2,635 $6,951 $107,475 $85,126
2006 $1,996 $5,980 $90,789 $78,861
2005 $1,643 $5,272 $80,988 $68,788
2004 $1,305 $4,635 $76,545 $64,686
2003 $1,010 $4,240 $65,689 $60,192
2002 $854 $3,719 $53,006 $58,576
2001 $802 $3,441 $48,440 $56,136
2000 $750 $3,161 $48,660 $55,136
1999 $674 $2,977 $50,872 $49,845
1998 $852 $2,795 $47,445 $44,270
1997 $807 $2,616 $46,642 $42,488
1996 $689 $2,253 $50,444 $39,722
1995 $578 $1,919 $51,032 $38,345
1994 $520 $1,764 $43,933 $37,551
1993 $550 $1,898 $40,067 $35,899
1992 $757 $2,643 $39,571 $34,108
1991 $1,308 $4,727 $35,747 $33,191
1990 $1,611 $5,836 $33,465 $29,949
1989 $1,853 - $26,618 -
1988 $1,844 - $25,219 -
1987 $1,544 - $22,443 -
1986 - - $18,150 -
1985 - - $12,482 -
1984 - - $12,127 -
1983 - - $12,374 -
1982 - - $12,591 -
1981 - - $13,837 -
1980 - - $16,531 -
1979 - - $15,204 -
1978 - - $13,034 -
1977 - - $10,486 -
1976 - - $9,491 -
1975 - - $8,701 -
1974 - - $8,967 -
1973 - - $7,447 -
1972 - - $5,487 -
1971 - - $4,435 -
1970 - - $4,298 -
1969 - - $3,690 -
1968 - - $3,203 -
1967 - - $2,935 -
1966 - - $2,925 -
1965 - - $2,804 -
1964 - - $2,779 -
1963 - - $2,462 -
1962 - - $2,332 -
1961 - - $2,241 -
1960 - - $2,261 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/georgia/luxembourg | CC BY

Georgia's GDP per capita is $9,692, ranking 89/197, compared to $147,252 in Luxembourg, ranking 3/197. Adjusted for purchasing power (GDP per capita PPP), Georgia ranks 74th at $28,285, while Luxembourg ranks 1st at $155,941.

Economic indicators

Georgia Luxembourg
Gross domestic product
$38.1B
2025
$101B
2025
GDP rank
106/197
2025
75/197
2025
GDP growth
7.46%
2024-2025
0.64%
2024-2025
GDP per capita
$9,692
2025
$147,252
2025
GDP per capita rank
89/197
2025
3/197
2025
GDP per capita, PPP
$28,285
2024
$155,941
2024
GDP per capita PPP rank
74/197
2024
1/197
2024
Government debt
$13.1B
2025
$27.3B
2025
Debt-to-GDP ratio
34.3%
2025
27%
2025
Government debt per person
$3,323
2025
$39,717
2025
Government debt per person rank
99/185
2025
18/185
2025
Average annual personal income after taxes
$7,158
2026
$71,808
2026
Market capitalization of domestic companies n/a
$69.4B
2025
Number of millionaires n/a
85,000
2026
Number of billionaires
2
2026
1
2026
Income share by richest 10%
26.2%
2024
25%
2023
Income share by poorest 10%
2.9%
2024
2.8%
2023
Government expenditure, % of GDP
28.4%
2025
48.3%
2025
Consumer prices inflation
3.87%
2024-2025
2.26%
2024-2025
Central bank interest rate
8.25%
2026
n/a
Unemployment rate
8.01%
2024
6.5%
2025
Population
3934050
697802

Spending and national debt comparison by year

Georgia
Spending

Debt
Luxembourg
Spending

Debt
1x
Year % of GDP
Georgia Luxembourg
Government spending Government debt Government spending Government debt
2025 28.4% 34.3% 48.3% 27%
2024 29.9% 35.7% 46.8% 26.3%
2023 29.7% 38.9% 46.4% 24.7%
2022 28.5% 39.2% 44.3% 24.9%
2021 31.2% 49.1% 42.4% 24.2%
2020 34.1% 59.6% 47% 24.5%
2019 28.7% 40% 43.1% 22.3%
2018 26.7% 38.2% 42.3% 20.9%
2017 27.2% 38.9% 41.3% 21.8%
2016 27.8% 39.5% 40% 19.6%
2015 27% 36% 40.4% 21.1%
2014 27.5% 30.3% 40.6% 21.9%
2013 26.6% 28.9% 41.2% 22.4%
2012 27.7% 28.1% 41.8% 20.8%
2011 27.1% 27.7% 41.5% 18.5%
2010 31% 31.4% 42% 19.1%
2009 34.8% 33.6% 42.7% 15.3%
2008 31.8% 26.3% 37.9% 14.6%
2007 27.7% 22.5% 37.4% 8.09%
2006 22.7% 28.3% 39.4% 8.21%
2005 21.6% 35.3% 43.4% 7.95%
2004 18.9% 44.3% 43.7% 7.83%
2003 16.1% 54.6% 43.3% 7.43%
2002 16% 50.3% 41.8% 7.45%
2001 16.8% 53% 38.1% 7.62%
2000 16.9% 58.5% 38% 7.49%
1999 19.7% 76.5% 41.7% 8.39%
1998 18.7% 80% 43.9% 9.51%
1997 21.4% 48.2% 44.2% 10.1%
1996 18.4% 38.9% 42.5% 10.2%
1995 15.7% 19.8% 42% 10.3%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1999, retrieved 2026-07-08).

GeoRank.org/economy/georgia/luxembourg | CC BY

In 2025, Georgia's government spending was $10.8B, accounting for 28.4% of its GDP, while Luxembourg spent $48.8B, or 48.3% of GDP.

Debt-to-GDP ratio is 34.3% in Georgia and 27% in Luxembourg, ranking 147/185 and 165/185, respectively.

Government deficit by year

Deficit/surplus
Georgia

Luxembourg
1x
Year Deficit/surplus, % of GDP
Georgia Luxembourg
2025 -1.46% -0.96%
2024 -2.27% 0.89%
2023 -2.33% -0.65%
2022 -2.2% 0.21%
2021 -5.97% 1.11%
2020 -9.16% -3.09%
2019 -1.82% 2.68%
2018 -0.8% 3.17%
2017 -0.45% 1.37%
2016 -1.49% 1.89%
2015 -1.16% 1.3%
2014 -1.78% 1.33%
2013 -1.25% 0.84%
2012 -0.71% 0.5%
2011 -0.81% 0.65%
2010 -4.48% -0.26%
2009 -6.36% -0.21%
2008 -1.92% 3.37%
2007 0.81% 4.35%
2006 3.28% 1.9%
2005 2.14% -0.21%
2004 3.59% -1.39%
2003 -0.55% 0.28%
2002 -0.19% 2.03%
2001 -0.71% 5.62%
2000 -1.92% 5.55%
1999 -4.7% 3.24%
1998 -3.96% 2.98%
1997 -6.63% 2.65%
1996 -5.91% 2.37%
1995 -4.89% 2.71%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08).

GeoRank.org/economy/georgia/luxembourg | CC BY

In 2025, Georgia's government deficit, the difference between spending and revenue, was $555M, equivalent to 1.46% of GDP. This compares to Luxembourg's deficit of $976M, or 0.96% of GDP.

Over the past 31 years, Georgia recorded a fiscal deficit in 27 of those years, while Luxembourg ran a deficit in 7 years. On average, Georgia posted an annual deficit equal to 2.13% of GDP, compared to surplus of 1.49% of GDP for Luxembourg.

Inflation comparison by year

Inflation
Georgia

Luxembourg
1x
Year Consumer prices inflation
Georgia Luxembourg
2025 3.87% 2.26%
2024 1.11% 2.05%
2023 2.49% 3.74%
2022 11.9% 6.34%
2021 9.57% 2.53%
2020 5.2% 0.82%
2019 4.85% 1.74%
2018 2.62% 1.53%
2017 6.04% 1.73%
2016 2.13% 0.29%
2015 4% 0.47%
2014 3.07% 0.63%
2013 -0.51% 1.73%
2012 -0.94% 2.66%
2011 8.54% 3.41%
2010 7.11% 2.27%
2009 1.73% 0.37%
2008 10% 3.4%
2007 9.24% 2.31%
2006 9.16% 2.67%
2005 8.25% 2.49%
2004 5.66% 2.23%
2003 0.84% 2.05%
2002 5.59% 2.07%
2001 4.65% 2.66%
2000 4.06% 3.15%
1999 19.2% 1.03%
1998 3.57% 0.96%
1997 7.09% 1.37%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/georgia/luxembourg | CC BY

Over the past 29 years, Georgia has recorded an average annual inflation rate of 5.52%, compared with 2.1% in Luxembourg. In 2025, inflation was 3.87% in Georgia and 2.26% in Luxembourg.

Top exports between countries

Georgia
Export category Export value
Transport & tourism services $1.14M
Business & finance services $941K
Raw agricultural goods $233K
Miscellaneous $103K
Processed food, beverages & tobacco $30K
Wood & paper products $9K
Machinery & equipment $8K
Chemicals & pharma $6K
Textiles & consumer goods $4K
Metals $1K
Luxembourg
Export category Export value
Machinery & equipment $941K
Chemicals & pharma $351K
Metals $298K
Animal & marine products $211K
Raw materials & minerals $69K
Textiles & consumer goods $61K
Wood & paper products $21K
Miscellaneous $1K

Balance of trade

Georgia Luxembourg
Current account balance
-$1.01B
2025
$5.29B
2025
Current account balance ranking
116/190
2025
31/190
2025
Current account balance, % of GDP
-2.65%
2025
+5.23%
2025
Goods imports
$16.5B
2025
$30.9B
2025
Goods exports
$9.63B
2025
$33B
2025
Service imports
$3.85B
2025
$133B
2025
Service exports
$8.49B
2025
$167B
2025
Imports of goods and services, % of GDP
53.2%
2025
159.4%
2025
Exports of goods and services, % of GDP
47.4%
2025
190.5%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Georgia Luxembourg
Economic freedom 69.6 79.7
Economic freedom ranking 41/197 7/197
Property rights 53 96.6
Government integrity 59.9 88.7
Judicial effectiveness 53.8 99.1
Tax burden 87.8 62.3
Government spending 73.9 36.9
Fiscal health 89.1 98.6
Business freedom 76.6 89.5
Labor freedom 64 56.7
Monetary freedom 70.2 74.1
Trade freedom 86.8 79.4
Investment freedom 60 95
Financial freedom 60 80

Economic freedom comparison by year

Georgia
Luxembourg
1x
Year Economic freedom index
Georgia Luxembourg
2026 69.6 79.7
2025 69 79.5
2024 68.4 79.2
2023 68.7 78.4
2022 71.8 80.6
2021 77.2 76
2020 77.1 75.8
2019 75.9 75.9
2018 76.2 76.4
2017 76 75.9
2016 72.6 73.9
2015 73 73.2
2014 72.6 74.2
2013 72.2 74.2
2012 69.4 74.5
2011 70.4 76.2
2010 70.4 75.4
2009 69.8 75.2
2008 69.2 74.7
2007 69.3 74.6
2006 64.5 75.3
2005 57.1 76.3
2004 58.9 78.9
2003 58.6 79.9
2002 56.7 79.4
2001 58.3 80.1
2000 54.3 76.4
1999 52.5 72.4
1998 47.9 72.7
1997 46.5 72.8
1996 44.1 72.5

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08).

GeoRank.org/economy/georgia/luxembourg | CC BY

The Economic Freedom Index for Georgia is 69.6, ranking 41/197, compared to 79.7 for Luxembourg, ranking 7/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Georgia Luxembourg
Services, % of GDP
63.9%
2025
81.4%
2025
Industry, % of GDP
18.6%
2025
8.88%
2025
Agriculture, forestry, and fishing, % of GDP
5.18%
2025
0.23%
2025
GNI, Atlas method
$35.4B
2025
$65.8B
2025
GNI per capita, PPP
$27,570
2025
$106,640
2025
Total reserves including gold
$6.16B
2025
$3.06B
2025
Total reserves ranking
94/177
2025
120/177
2025
Net foreign direct investment
-$1.39B
2025
$196B
2025
Net inflows of foreign direct investment
$1.6B
2024
$106B
2024
Net outflows of foreign direct investment
$462M
2024
$109B
2024
Servicing debt to the IMF, % of GNI
15.2%
2024
n/a
Poverty at national poverty lines
9.4%
2024
17.3%
2021
Gross capital formation, % of GDP
21.3%
2025
15.5%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/georgia/luxembourg | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2020–2025, retrieved 2026-07-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1995–1999, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.