Georgia’s GDP growth rate up 2.6% in April

The estimated real Gross Domestic Product of Georgia grew by 2.6 percent in April 2022 year-on-year, while the average real GDP increased by 10.8 percent between January-April, the latest data from the National Statistics Office of Georgia show. 

The GDP growth in April was observed in the following sectors:

• Transportation and storage
• Hotels and restaurants
• Electricity, gas, steam and air conditioning supply
• Financial and insurance activities
• Arts, entertainment and recreation
• Mining and quarrying

A decline was posted in construction, manufacturing, professional, scientific and technical activities and trade in the reported month.

Image: Geostat

The Agency also revealed overall 6,894 new businesses had been registered in April, marking a 41.4 percent increase compared to the same month of last year. In the reported period, Value Added Tax payers’ turnover totalled ₾9.6 billion ($3.1bln/€2.9bln), an 11.7 percent growth year-on-year. 

• Georgian economy up 10.6% in March

Additionally, exports of goods in January-April 2022 amounted to $1.5 billion, posting an increase of 32.8 percent. 

World Bank will increase its economic growth forecast for Georgia to 5.5 percent from the lately forecasted 2.5 percent, Sebastian Molineus, the Regional Director for the South Caucasus, was cited as saying by online media outlet bm.ge. 

• World Bank: Georgia’s economic growth to drop to 2.5% amid Ukraine war

Molineus noted the Georgian economy showed an “amazing resistance and firmness” with an “impressive” increase in the first quarter of this year. 

The international financial institution’s Europe and Central Asia Economic Update in April projected the Georgian economic growth to slow to 2.5 percent from the previously projected 5.5 percent due to the war in Ukraine.