Georgian economy grows 5.5% in July, 7.2% in 7 months of 2023 - National Statistics Office
Last month’s growth was mainly driven by estimated real growth in financial and insurance activities, construction, trade, professional, and scientific and technical sectors. Photo: Nino Alavidze/Agenda.ge
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The Georgian economy grew 5.5 percent in July year-on-year and 7.2 percent in the first seven months of 2023, the National Statistics Office of Georgia said on Friday.
Last month’s growth was mainly driven by estimated real growth in financial and insurance activities, construction, trade, professional, and scientific and technical sectors, the Office said.
However, decline was registered in manufacturing, mining and quarrying, information and communication sectors.
The World Bank’s economic update in April said growth in Georgia was expected to ease to 4.4 percent in 2023 and then reach five percent in 2024 and 2025.
The Asian Development Bank said in April the country’s economy would grow by 4.5 percent in 2023 before reaching a five percent growth rate in 2024.
The World Economic Situation and Prospects report by the United Nations, released in January, forecast a 5.2 percent growth in 2023 and 4.6 percent growth in 2024 for the domestic economy.
Prime Minister Irakli Garibashvili on Monday addressed the Georgia-China Business Forum in Beijing and described his country’s economy as the “fastest growing” in the world, while also saying the domestic inflation in June had amounted to only 0.6 percent.
The Georgian economy grew 7.2 percent in the first quarter of 2023 and 7.3 percent in March, the latest data for the gross domestic product by the National Statistics Office of Georgia on Friday shows.
Vakhtang Tsintsadze, the Georgian Deputy Economy Minister, on Wednesday cited the International Monetary Fund on its projection of 5 percent average economic growth for Georgia between 2023-2028, and said the Fund’s figures put the country as a “leader” both regionally and among European states.
Georgian Deputy Finance Minister Mikheil Dundua on Wednesday said the country had showed “best results” among 193 countries in four “important indicators” in the updated 2022-2028 assessment and long-term forecast of the International Monetary Fund.
Georgian Deputy Economy Minister Vakhtan Tsintsadze on Thursday said the Government’s “reasonable” macroeconomic policy was ensuring Georgia's resilience to external shocks and “positive trends” of economic growth would be maintained in the coming months.
Georgian Prime Minister Irakli Garibashvili on Monday said the country’s economic growth had hit 7.2 percent in the first six months of this year while inflation had decreased to 0.9 percent in August, before pledging support for farmers in the country’s east by ensuring subsidies for damaged grapes following hail, strong winds and heavy rains last week.
Georgian Prime Minister Irakli Garibashvili on Monday announced his Government had allocated about ₾25 million ($10 mln) for the construction of a “new and modern” airport on the site of an existing airfield in the city of Telavi in Georgia’s eastern Kakheti region.
Georgian Economy Minister Levan Davitashvili on Monday highlighted the “historically maximum number” of 737,000 people he said were employed in the domestic business sector.
Vakhtang Tsintsadze, the Georgian Deputy Economy Minister, on Thursday said his office expected the volume of export and trade turnover to hit “new record levels” this year, repeating the results of 2022.
Georgian Prime Minister Irakli Garibashvili on Friday said the Government had raised its growth forecast for 2023 from the earlier five to 6.5 percent and was adjusting the state budget with a ₾500 million ($190mln) increase based on the increased growth rate.
Georgian economy grew 7.5 percent year-on-year in the second quarter of 2023 while the nominal gross domestic product amounted to ₾19.28 billion ($7.35bln), the National Statistics Office said on Monday.
The gross domestic product of Georgia at current prices amounted to ₾72.265 million ($26.870 mln) in 2022, data published by the National Statistics Office of Georgia on Tuesday shows.