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Economy of Georgia vs Uzbekistan compared: GDP & Debt

Updated on by Georank team

Georgia has a GDP of $33.8B compared to $115B for Uzbekistan, ranking 107/197 and 66/197 by economy size, respectively.

Georgia has $12.2B in government debt (35.8% of GDP), compared to $37.5B (33% of GDP) in Uzbekistan.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Georgia
GDP, current $

GDP, constant 2015 $
Uzbekistan
GDP, current $

GDP, constant 2015 $
Year GDP
Georgia Uzbekistan
Current $ Constant $ Current $ Constant $
1960 - $5,243,159,136 - -
1961 - $5,498,288,150 - -
1962 - $5,779,416,530 - -
1963 - $6,022,260,625 - -
1964 - $6,349,244,544 - -
1965 - $7,019,638,204 - -
1966 - $7,548,614,493 - -
1967 - $8,020,635,559 - -
1968 - $8,378,001,666 - -
1969 - $8,778,177,254 - -
1970 - $9,836,129,833 - -
1971 - $10,079,213,237 - -
1972 - $10,365,106,122 - -
1973 - $11,037,028,854 - -
1974 - $12,009,362,470 - -
1975 - $12,895,704,866 - -
1976 - $13,682,282,557 - -
1977 - $14,625,580,176 - -
1978 - $15,712,196,495 - -
1979 - $16,870,286,035 - -
1980 - $17,642,345,728 - -
1981 - $18,571,497,605 - -
1982 - $18,943,381,710 - -
1983 - $19,758,250,885 - -
1984 - $20,830,721,462 - -
1985 - $21,860,010,300 - -
1986 - $20,072,807,510 - -
1987 $7,321,981,334 $20,330,036,656 $8,523,160,593 $28,089,418,035
1988 $8,833,588,173 $21,459,462,456 $10,722,799,639 $30,656,392,613
1989 $8,902,632,715 $19,915,715,326 $11,948,815,258 $31,604,071,830
1990 $7,735,927,264 $16,970,422,996 $13,362,340,338 $32,109,736,981
1991 $6,324,503,311 $13,389,689,057 $13,800,167,712 $31,951,757,074
1992 $3,690,328,964 $7,377,748,823 $12,953,801,760 $28,373,160,282
1993 $2,701,181,331 $5,216,056,134 $13,099,920,056 $27,720,577,595
1994 $2,513,867,645 $4,673,678,615 $12,899,074,922 $26,279,107,562
1995 $2,693,732,612 $4,795,034,189 $13,350,461,265 $26,042,595,592
1996 $3,094,936,177 $5,332,200,118 $13,948,892,216 $26,485,319,718
1997 $3,510,520,231 $5,893,190,455 $14,744,603,774 $27,862,556,343
1998 $3,613,497,317 $6,075,968,328 $14,988,971,211 $29,060,646,266
1999 $2,800,025,883 $6,250,184,305 $17,078,465,982 $30,310,254,055
2000 $3,057,475,335 $6,365,211,521 $13,760,513,969 $31,472,652,299
2001 $3,219,462,262 $6,671,206,250 $11,401,421,329 $32,783,122,633
2002 $3,395,766,678 $7,036,389,740 $9,687,788,513 $34,085,756,140
2003 $3,991,377,904 $7,814,405,535 $10,134,453,435 $35,528,479,188
2004 $5,125,365,192 $8,267,069,270 $12,030,023,548 $38,174,995,818
2005 $6,410,912,050 $9,059,975,320 $14,307,509,839 $40,828,160,774
2006 $7,745,250,734 $9,913,559,156 $17,330,833,853 $43,870,437,889
2007 $10,172,931,089 $11,160,245,710 $22,311,393,928 $48,026,286,798
2008 $12,795,145,131 $11,430,503,828 $29,549,438,884 $52,362,657,564
2009 $10,766,920,066 $11,013,204,447 $33,689,223,673 $56,578,340,213
2010 $12,426,907,967 $11,701,134,203 $49,765,676,402 $60,876,691,748
2011 $15,475,290,469 $12,629,541,567 $60,178,909,297 $65,457,747,965
2012 $16,894,392,033 $13,460,417,766 $67,517,349,212 $70,106,848,439
2013 $17,517,660,144 $14,151,325,572 $73,180,037,915 $75,222,229,948
2014 $17,966,015,109 $14,730,184,214 $80,845,385,809 $80,392,884,506
2015 $15,223,796,149 $15,223,796,149 $86,196,264,755 $86,196,264,755
2016 $15,444,548,902 $15,749,049,875 $86,138,288,644 $91,309,557,165
2017 $16,473,125,375 $16,561,685,511 $69,703,222,283 $95,322,862,969
2018 $17,902,544,881 $17,565,660,917 $58,695,899,092 $100,622,047,496
2019 $17,638,337,117 $18,510,819,818 $67,293,639,798 $107,444,145,840
2020 $16,010,869,216 $17,346,401,921 $66,443,265,418 $109,123,866,128
2021 $18,853,115,589 $19,192,793,472 $77,340,060,003 $117,891,622,987
2022 $24,984,568,960 $21,296,041,913 $90,095,926,567 $124,966,702,851
2023 $30,777,833,601 $22,963,990,777 $102,641,879,249 $132,828,878,428
2024 $33,776,141,251 $25,129,167,228 $114,965,293,467 $141,462,755,525

Economic indicators

Georgia Uzbekistan
Gross domestic product
$33.8B
2024
$115B
2024
GDP rank
107/197
2024
66/197
2024
GDP growth
9.74%
2023-2024
12%
2023-2024
GDP per capita
$9,194
2024
$3,162
2024
GDP per capita rank
89/197
2024
139/197
2024
GDP per capita, PPP
$28,418
2024
$11,879
2024
Government debt
$12.2B
2024
$37.5B
2024
Debt-to-GDP ratio
35.8%
2025
33%
2025
Government debt per person
$3,318
2024
$1,032
2024
Government debt per person rank
97/185
2024
142/185
2024
Average annual personal income after taxes
$6,750
2025
$3,203
2025
Market capitalization of domestic companies n/a
$18.8B
2024
Number of billionaires
2
2025
n/a
Income share by richest 10%
26.2%
2024
25.7%
2024
Income share by poorest 10%
2.9%
2024
2.3%
2024
Government expenditure, % of GDP
29.9%
2025
27.8%
2025
Consumer prices inflation
1.11%
2023-2024
9.1%
2024-2025
Central bank interest rate
8%
2024
14%
2025
Unemployment rate
11.7%
2020
5.29%
2020
Population
3672886
37592263

GDP per capita in Georgia vs Uzbekistan

Georgia's GDP per capita is $9,194, ranking 89/197, compared to $3,162 in Uzbekistan, ranking 139/197. Adjusted for purchasing power (GDP per capita PPP), Georgia ranks 74th at $28,418, while Uzbekistan ranks 123rd at $11,879.

Georgia
GDP per capita

GDP per capita, PPP
Uzbekistan
GDP per capita

GDP per capita, PPP
Year Current $
Georgia Uzbekistan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1987 $1,544 - $450 -
1988 $1,844 - $551 -
1989 $1,853 - $598 -
1990 $1,611 $5,836 $653 $2,665
1991 $1,308 $4,727 $658 $2,676
1992 $757 $2,643 $603 $2,371
1993 $550 $1,898 $596 $2,318
1994 $520 $1,764 $574 $2,197
1995 $578 $1,919 $583 $2,178
1996 $689 $2,253 $597 $2,214
1997 $807 $2,616 $621 $2,329
1998 $852 $2,795 $621 $2,418
1999 $674 $2,977 $698 $2,522
2000 $750 $3,161 $555 $2,644
2001 $802 $3,441 $454 $2,782
2002 $854 $3,719 $381 $2,902
2003 $1,010 $4,240 $394 $3,047
2004 $1,305 $4,635 $462 $3,321
2005 $1,643 $5,272 $543 $3,618
2006 $1,996 $5,980 $649 $3,956
2007 $2,635 $6,951 $824 $4,386
2008 $3,325 $7,279 $1,075 $4,800
2009 $2,823 $7,119 $1,206 $5,135
2010 $3,282 $7,712 $1,753 $5,505
2011 $4,120 $8,564 $2,088 $5,949
2012 $4,531 $10,060 $2,307 $6,168
2013 $4,712 $10,797 $2,462 $6,413
2014 $4,830 $11,771 $2,675 $6,610
2015 $4,087 $12,270 $2,803 $6,800
2016 $4,143 $13,065 $2,753 $6,919
2017 $4,419 $13,719 $2,191 $7,818
2018 $4,804 $15,022 $1,813 $8,129
2019 $4,741 $16,770 $2,041 $8,544
2020 $4,301 $16,791 $1,978 $8,452
2021 $5,084 $18,916 $2,259 $9,248
2022 $6,730 $22,461 $2,579 $10,293
2023 $8,284 $25,072 $2,879 $11,107
2024 $9,194 $28,418 $3,162 $11,879

Spending and national debt comparison

In 2024, Georgia's government spending was $10.2B, accounting for 29.9% of its GDP, while Uzbekistan's spent $31.9B, or 27.8% of GDP.

Debt-to-GDP ratio is 35.8% in Georgia and 33% in Uzbekistan, ranking 145/185 and 155/185, respectively.

Georgia
Government spending

Government debt
Uzbekistan
Government spending

Government debt
Year % of GDP
Georgia Uzbekistan
Government spending Government debt Government spending Government debt
1992 - - 18% -
1993 - - 39.6% -
1994 - - 27.1% -
1995 15.6% 19.8% 29.4% -
1996 18.4% 38.9% 35.1% -
1997 21.9% 48.2% 31.8% 15.3%
1998 18.9% 80% 35.1% 18%
1999 19.8% 76.5% 33.6% 18.4%
2000 16.9% 58.5% 32.9% 29.5%
2001 16.8% 53% 30.6% 44.8%
2002 16% 50.3% 34.6% 41.6%
2003 16.1% 54.6% 31.5% 31.4%
2004 18.9% 44.3% 29.4% 26.9%
2005 21.6% 35.3% 28.1% 21%
2006 22.7% 28.3% 24.7% 13.5%
2007 27.7% 22.5% 24.8% 9.56%
2008 31.8% 26.3% 26.5% 8.33%
2009 34.8% 33.6% 27.5% 7.3%
2010 31% 31.4% 26.4% 6.61%
2011 27.1% 27.7% 23.7% 6.33%
2012 27.7% 28.1% 23.9% 6.76%
2013 26.6% 28.9% 25.2% 6.23%
2014 27.5% 30.3% 24.9% 6.09%
2015 27% 36% 24.6% 6.72%
2016 27.8% 39.5% 23.3% 8.19%
2017 27.2% 38.9% 19.9% 17.3%
2018 26.7% 38.2% 22.2% 17.5%
2019 28.7% 40% 24.3% 25.4%
2020 34.1% 59.6% 26% 33.7%
2021 31.2% 49.1% 27.4% 31.7%
2022 28.5% 39.2% 31.4% 30.5%
2023 29.7% 38.9% 29.9% 32.2%
2024 30.3% 36.1% 27.8% 32.6%
2025 29.9% 35.8% 27.8% 33%

Government deficit by year

In 2024, Georgia's government deficit, the difference between spending and revenue, was -$775M, equivalent to -2.3% of GDP. This compares to Uzbekistan's deficit of -$2.6B, or -2.26% of GDP.

Over the past 30 years, Georgia recorded a fiscal deficit in 26 of those years, while Uzbekistan ran a deficit in 18 years. On average, Georgia posted an annual deficit equal to -2.16% of GDP, compared to deficit of -0.64% of GDP for Uzbekistan.

Deficit/surplus
Georgia

Uzbekistan
Year Deficit/surplus, % of GDP
Georgia Uzbekistan
1992 - 7.15%
1993 - -12%
1994 - -4.47%
1995 -4.89% -1.77%
1996 -5.91% -1.57%
1997 -6.79% -2.05%
1998 -4% -3.04%
1999 -4.72% -2.91%
2000 -1.92% -3.66%
2001 -0.71% -3.28%
2002 -0.19% -6.31%
2003 -0.55% -4.87%
2004 3.59% -3.74%
2005 2.14% -3.52%
2006 3.28% 2.72%
2007 0.81% 3.55%
2008 -1.92% 5.97%
2009 -6.36% 1.82%
2010 -4.48% 2.56%
2011 -0.81% 5.11%
2012 -0.71% 5.89%
2013 -1.25% 2.15%
2014 -1.78% 1.9%
2015 -1.16% -0.28%
2016 -1.49% 0.7%
2017 -0.45% 1.04%
2018 -0.8% 1.64%
2019 -1.82% -0.26%
2020 -9.16% -2.95%
2021 -5.97% -4.1%
2022 -2.2% -3.65%
2023 -2.33% -3.98%
2024 -2.3% -2.26%
2025 -2.56% -2.27%

Inflation comparison by year

Over the past 29 years, Georgia has recorded an average annual inflation rate of 6.74%, compared with 17.9% in Uzbekistan. In 2024, inflation was 1.11% in Georgia and 9.1% in Uzbekistan.

Inflation
Georgia

Uzbekistan
Year Inflation
Georgia Uzbekistan Georgia Uzbekistan
1996 39.4% 54%
1997 7.09% 70.9%
1998 3.57% 29%
1999 19.2% 29.1%
2000 4.06% 25%
2001 4.65% 27.3%
2002 5.59% 27.3%
2003 0.84% 12.5%
2004 5.66% 7.3%
2005 8.25% 10.7%
2006 9.16% 13.1%
2007 9.24% 11.2%
2008 10% 13.1%
2009 1.73% 12.3%
2010 7.11% 12.3%
2011 8.54% 12.4%
2012 -0.94% 11.9%
2013 -0.51% 11.7%
2014 3.07% 9.1%
2015 4% 8.5%
2016 2.13% 8.8%
2017 6.04% 13.9%
2018 2.62% 17.5%
2019 4.85% 14.5%
2020 5.2% 12.9%
2021 9.57% 10.8%
2022 11.9% 11.4%
2023 2.49% 10%
2024 1.11% 9.6%
2025 - 9.1%

Top exports between countries

Georgia
Export category Export value
Chemicals & pharma $37.2M
Transport & tourism services $31.6M
Processed food, beverages & tobacco $19.8M
Machinery & equipment $8.41M
IT & IP services $1.99M
Raw materials & minerals $1.78M
Business & finance services $759K
Raw agricultural goods $639K
Textiles & consumer goods $518K
Wood & paper products $159K
Uzbekistan
Export category Export value
Metals $44.7M
Raw agricultural goods $19.9M
Processed food, beverages & tobacco $11.9M
Machinery & equipment $11M
Chemicals & pharma $6.86M
Raw materials & minerals $2.61M
Textiles & consumer goods $2.48M
Animal & marine products $691K
Wood & paper products $602K
Miscellaneous $567K

Balance of trade

Georgia Uzbekistan
Current account balance
-$1.53B
2024
-$5.72B
2024
Current account balance ranking
132/189
2024
170/189
2024
Current account balance, % of GDP
-4.53%
2024
-4.97%
2024
Goods imports
$15.2B
2024
$33.2B
2024
Goods exports
$8.63B
2024
$19.6B
2024
Service imports
$3.82B
2024
$10.5B
2024
Service exports
$7.7B
2024
$6.55B
2024
Imports of goods and services, % of GDP
56%
2024
38%
2024
Exports of goods and services, % of GDP
48.4%
2024
22.8%
2024

Economic freedom indices

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

Georgia Uzbekistan
Economic freedom 69 58
Economic freedom ranking 41/197 111/197
Property rights 62.3 33.5
Government integrity 58.9 31.2
Judicial effectiveness 55.3 14.5
Tax burden 89.1 92.8
Government spending 72.9 73.6
Fiscal health 75.9 73.3
Business freedom 78.1 64.4
Labor freedom 63.5 47.9
Monetary freedom 65.3 64.6
Trade freedom 86.2 80.6
Investment freedom 60 60
Financial freedom 60 60

Economic freedom by year comparison

The Economic Freedom Index for Georgia is 69, ranking 41/197, compared to 58 for Uzbekistan, ranking 111/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Georgia
Uzbekistan
Year Economic freedom index
Georgia Uzbekistan
1996 44.1 -
1997 46.5 -
1998 47.9 31.5
1999 52.5 33.8
2000 54.3 38.1
2001 58.3 38.2
2002 56.7 38.5
2003 58.6 38.3
2004 58.9 39.1
2005 57.1 45.8
2006 64.5 48.7
2007 69.3 51.5
2008 69.2 51.9
2009 69.8 50.5
2010 70.4 47.5
2011 70.4 45.8
2012 69.4 45.8
2013 72.2 46
2014 72.6 46.5
2015 73 47
2016 72.6 46
2017 76 52.3
2018 76.2 51.5
2019 75.9 53.3
2020 77.1 57.2
2021 77.2 58.3
2022 71.8 55.7
2023 68.7 56.5
2024 68.4 55.9
2025 69 58

More economic indicators

Georgia Uzbekistan
Services, % of GDP
62.8%
2024
45.2%
2024
Industry, % of GDP
19.1%
2024
31.8%
2024
Agriculture, forestry, and fishing, % of GDP
5.42%
2024
18.3%
2024
GNI, Atlas method
$30.1B
2024
$110B
2024
GNI per capita, PPP
$26,570
2024
$12,000
2024
Total reserves including gold
$4.45B
2024
$41.2B
2024
Total reserves ranking
104/177
2024
50/177
2024
Net foreign direct investment
-$906M
2024
-$2.8B
2024
Net inflows of foreign direct investment
$1.37B
2024
$2.84B
2024
Net outflows of foreign direct investment
$462M
2024
$36.7M
2024
Servicing debt to the IMF, % of GNI
12.5%
2023
8.24%
2023
Poverty at national poverty lines
9.4%
2024
8.9%
2024
Gross capital formation, % of GDP
22.8%
2024
33.3%
2024

GDP per capita map

GDP per capita

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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.