Georgian economy grows 11.2% in January-May

The Georgian economy grew by 11.6 percent in May and by 11.2 percent in the first five months of 2022 year-on-year, the latest data from the National Statistics Office of Georgia show. 

The Office said last month the estimated real growth had been identified in “almost all sectors” compared to the same period of the previous year, while “significant contributions” to the real gross domestic product growth were observed in the following activities: 

• Transportation and storage
• Electricity, gas, steam and air conditioning supply
• Hotels and restaurants
• Manufacturing 
• Construction
• Mining and quarrying

The World Bank projected the Georgian economy to grow 5.5 percent in 2022 and next year, followed by a five percent growth in 2024.

"The Georgian economy has shown resilience to the economic shock induced by the Russian invasion of Ukraine so far, with the growth forecast for 2022 upgraded to 5.5 percent from 2.5 percent forecast in March. The resilience is driven by the strength of the services sector, particularly in tourism, with a strong recovery in the year through May," the World Bank’s Global Economic Prospects report said.