Georgia’s economy grows 5% in Q1 2017

The Netherlands was Georgia's largest investor in 2014, with $331 million USD. Photo by N. Alavidze /, 30 May 2017 - 12:02, Tbilisi,Georgia

Georgia’s economy is growing steadily, reaching five percent growth, show the latest data from the National Statistics Office of Georgia (Geostat).

In April 2017, the estimated real Gross Domestic Product (GDP) growth rate amounted to 2.1 percent year-over-year (y/y). 

Meanwhile, the estimated real GDP average growth equalled five percent for the first quarter (Q1) 2017 and 4.2 percent for the first four months of 2017 y/y.

Various international financial institutions also have positive expectations about Georgia’s economic growth.

The World Bank Group projects Georgia’s economic growth will hit 3.5 percent in 2017 and four percent in 2018.

The International Monetary Fund (IMF) expects four percent growth for Georgia’s economy in 2017.

Global rating agency Fitch Ratings forecasts 4.2 percent growth in 2017 for Georgia.

As for government authorities, Georgia’s Prime Minister Giorgi Kvirikashvili had earlier stated the goal was to achieve six percent in 2017, while the Finance Minister Dimitry Kumsishvili expected economic growth to exceed five percent this year.