Georgia’s economy grows 7% in February y/y

Georgia’s gross domestic product (GDP) grew by 7.1% in February 2014, as the country witnessed a 2.2% rise in the same period last year, according to official preliminary data.

The positive information was revealed by the Finance Minister of Georgia Nodar Khaduri at a Government meeting today.

"The Ministry has summed up the preliminary data, which will be specified by the state statistics office later,” Khaduri said.

The state statistics office, Geostat, produces monthly rapid estimations of real GDP growth using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics.

The Georgian Government forecast the economy to grow by 6.3% in 2014, as predicted by the World Bank last December.

From 2006 to 2013, Georgia’s GDP annual growth rate averaged 4.2% - reaching an all-time high of 12.3% in December 2007 and a record low of -9.0% in June 2009.

Georgia's most important sectors of the economy are agriculture, mining (manganese and copper) and manufacturing. The GDP per capita is $3,339 USD by 2013.