Preliminary data: Georgia’s economy grows 4.8% in 2017

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

The estimated real Gross Domestic Product (GDP) growth rate in December 2017 and in the fourth quarter (Q4) of 2017 amounted to 4.7 percent year-over-year (y/y). The estimated growth of real GDP equaled 4.8 percent in 2017, said Geostat.

Last month the estimated real GDP growth was registered in the following activities:

Other community, social and personal service activities

• Health and social work
• Hotels and restaurants
• Manufacturing

On the other hand a decrease occurred in:

• Electricity, gas and water supply
• Communication
• Transport
• Construction

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

The World Bank projects Georgia’s economic growth will hit 4.3 percent in 2017 and 4.2 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.

The European Bank for Reconstruction and Development (EBRD) has revised its 2017 economic growth forecast for Georgia and said that Georgia’s economy will grow by 4.5 percent in both 2017 and 2018.

The Asian Development Bank (ADB) is also moving its forecast up and saying the Georgian economy will grow by 4.2 percent in 2017 and 4.5 percent in 2018.