Georgia’s GDP shows sustainable growth in 2015

Georgia’s market economy is growing at a sustainable rate, reveals the National Statistics Office of Georgia.

Latest Geostat data concluded the country’s economy grew almost five percent last year – a positive sustainable trend when comparing earlier data.

Figures released today showed the country’s progress in the past 12 months. Year-on-year (y/y) data revealed in February 2015 the country experienced a 4.9 percent growth in GDP (Gross Domestic Product).

The estimated real GDP average growth reached 2.7 percent for January-February 2015 y/y.

Looking ahead, global rating agency Moody's estimated Georgia’s economy would grow 3.5 percent in 2015. The Agency’s latest report saw Georgia retain its stable outlook on its sovereign rating, at ‘BB-’, and retain its ‘positive’ outlook.

In February 2015, VAT payers’ turnover used in rapid estimations of economic growth increased by 13.1 percent y/y and amounted to 3.6 million GEL.

Similarly, last month the number of registered enterprises reached 3,915 units, which was 3 percent more than the number registered in February 2014.

Deputy Minister of Georgia’s Ministry of Economy Irma Kavtaradze said the growth in GDP was caused by strong growth in a number of sectors, particularly construction (29 percent), food and beverage producing (9 percent), manufacturing (8 percent), trade (8 percent) and financial intermediation (7.5 percent).

Meanwhile the country’s GDP at current prices totalled 29.187 billion GEL.

Geostat said currently the largest share in the sectoral structure of GDP was held by trade services (17.4 percent) and industry (17.1 percent), followed by transport and communication services (10.5 percent), public administration (9.9 percent), agriculture, forestry and fishing (9.2 percent), construction (7.3 percent) and real estate, renting and business activities (6 percent).

Real growth was experienced y/y in a number of sectors, including construction (13.5 percent), financial intermediation (10 percent), real estate, renting and business activities (8.5 percent), communication (7.1 percent), transport (6.4 percent), and trade (6.1 percent).