Georgian economy up 10.6% in March

The estimated real Gross Domestic Product of Georgia increased by 10.6 percent in March 2022 year-on-year, while the average GDP grew by 14.4 percent in the first quarter, the latest data from the National Statistics Office of Georgia 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
• Construction

Geostat also revealed a total of 9,114 new businesses had been registered in March, marking a 72.3 percent increase compared to the same month last year.

In the reported period, VAT taxpayers’ turnover amounted to 10.9 billion gel, a 24.4 percent increase year-on-year.

Responding on the issue, Vakhtang Tsintsadze, Head of the Department of Economic Analysis and Reforms at the Ministry of Economy, said the economic growth in March was boosted by increased economic activities in construction, industry and energy sectors.

Tsintsadze also said the Government-initiated projects, as well as the expansion of local production and tourism recovery were the main factors of economic growth in the first quarter of 2022.