November 2018: Georgian economy grows 2.2%

The Georgian economy grew 4.7% year-on-year in the first 11 months of 2018, announces the National Statistics Office of Georgia (Geostat).

The estimated real gross domestic product (GDP) growth rate in November 2018 was equal to 2.2% year-on-year, Geostat said.

Last month the estimated real growth, compared to the same period of the previous year, was posted in the following activities:

• Trade
• Financial intermediation and real estate
• Renting and business activities

A decrease was registered in construction, said Geostat.

Various international financial institutions also have positive expectations for Georgia’s economic growth.

In 2018, the World Bank predicts Georgia’s economic growth to hit 4.2 percent while the European Bank for Reconstruction and Development (EBRD) says Georgia’s economy will grow by 4.5 percent.

The Asian Development Bank (ADB) raised Georgia’s 2018 growth forecast to 4.9 per cent from the April estimate of 4.5 per cent reflecting strong growth in tourism and robust investment after an increase in business and investor confidence.

The International Monetary Fund (IMF) has moved its forecast up, saying the Georgian economy will grow by 5.5 percent in 2018.