The Georgian economy continues to lose steam: GDP growth slowed to 1.3% yoy in 3Q13 from 1.5% yoy in 2Q13. By our estimates, export is the only demand component that continues to substantially contribute to GDP growth. Apart from the increase in commodity exports (est. 6-8% in real terms in 9M13), growth in tourist visits (+25% yoy in 9M13) is a very bright spot.

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