Georgian economy grows 5.7% in October 2019

The Georgian gross domestic product (GDP) grew 5.7 per cent in October 2019 compared to the same period of last year, show the latest data from the National Statistics Office of Georgia (Geostat).

Geostat reports that GDP has grown in January-October 2019 by 5.1 per cent year on year (y/y).

Rapid estimates of economic growth, 2019, y/y, %. Photo: Geostat.

In October 2019 the estimated real growth compared to the same period of the previous year occurred in the following sectors: manufacturing, hotels and restaurants, information and communication.

A decrease was registered in mining and quarrying and in the arts, entertainment and recreation activities.

Georgian external trade turnover increased to $10.37 billion (0.5 per cent higher y/y) in January-October 2019 show preliminary data from the National Statistics Office of Georgia (Geostat).

In the first ten months of 2019, the value of exports increased 10.4 per cent and reached $3.04 billion, while imports decreased 3.1 per cent and amounted to $7.33 billion.

External merchandise trade 2019, million US dollars. Photo: Geostat. 

The trade deficit of Georgia in January-October 2019 amounted to $4.3 billion which is 41.4 per cent of trade turnover.

In October 2019, monthly inflation in Georgia increased by 0.8 per cent, while the annual inflation rate amounted to 6.9 per cent, says Geostat.

Geostat data show that 4,232 new enterprises were registered in October 2019, which is an 11.2 per cent decrease compared to October 2018.

State budget expenses reached 936.9 million GEL ($315 mln/€286 mln), while state budget revenue was 931.7 million GEL ($313.2 mln/€284.4 mln).

Output of commercial banks in Georgia reached 177 million GEL ($59.5 mln/€54 mln), while the output of National Bank of Georgia was 15.1 million GEL ($5.1 mln/€4.6 mln).