Georgia’s GDP equals 2.8% in 2015

PM Kvirikashvili: “This is the correction of the GEL’s exchange rate due the recent devaluation of the national currencies of our neighbouring countries." Photo by N.Alavidze/, 29 Jan 2016 - 15:17, Tbilisi,Georgia

The estimated annual growth of Georgia’s real Gross Domestic Product (GDP) equalled 2.8 percent in 2015, says the National Statistics Office of Georgia (Geostat).

Geostat noted the country’s GDP grew 0.3 percent year-on year (y/y) in December 2015.

The estimated real GDP growth reached 2.9 percent in the fourth quarter (Q4) of 2015 y/y.

The European Bank for Reconstruction and Development (EBRD) forecast Georgia’s economy would decelerate to 2.3 percent growth in 2015 and 2.6 percent growth in 2016, reflecting mainly a deteriorating external environment, with recession in Russia and sharp slowdown of regional trading partners.

The World Economic Outlook (WEO) projected Georgia’s real GDP growth would be two percent in 2015, three percent in 2016 and only reach five percent in 2020.

WEO presented an analysis by the International Monetary Fund (IMF) and projections of economic developments at a global level in major country groups and in individual countries.

Global ratings agency Fitch Ratings predicted Georgia would experience two percent economic growth in 2015.

Another global rating agency Moody's reported Georgia’s economy would grow by 3.5 percent in 2015.