Georgian economy up 14.6% in February

The estimated real Gross Domestic Product (GDP) of Georgia increased by 14.6 percent in February 2022 year-on-year, while the average real GDP grew by 16.3 percent in January-February, the latest data from the National Statistics Office of Georgia (Geostat) shows.

The largest share of GDP growth was posted in the following sectors:

• Manufacturing
• Transportation and storage
• Electricity, gas, steam and air conditioning supply
• Hotels and restaurants
• Real estate activities
• Arts, entertainment and recreation
• Mining and quarrying

Image: Geostat

The agency also revealed a total of 4,115 new businesses had been registered in February, a 6.9 percent decrease compared to the same month last year. In the reported period, Value Added Tax (VAT) payers’ turnover amounted to 8.9 billion GEL, a 27.3 percent increase year-on-year. Meanwhile, exports of goods in January-February totalled $760.4 million, increasing by 54.5 percent.

The National Bank of Georgia announced on Wednesday its estimations of economic growth of Georgia in 2022 had been reduced from 5 to 3-4 percent. 

In 2021, the real GDP growth of Georgia increased by 10.4 percent, while in January this year the increase amounted to 18 percent year-on-year.

The World Bank’s report on Global Economic Prospects 2022 says the Georgian economy is projected to grow 5.5 percent in 2022 and 5 percent in 2023, while the Asian Development Bank’s 2021 Outlook predicts a 6.5 percent growth for the country’s economy this year.