Georgian economy grows 11.2% in January-May
Geostat said last month the estimated real growth had been identified in “almost all sectors” compared to the same period of the previous year. Photo: Nino Alavidze/Agenda.ge
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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.
The nominal Gross Domestic Product amounted to ₾14,35 billion in the first quarter of 2022, the latest data from the National Statistics Office of Georgia show. "The real GDP increased by 14.9 percent year-on-year, while the GDP deflator rose by 8.7 percent", said Geostat.
TBC Capital, a Georgian brokerage, advisory and investment bank, on Monday forecast an eight percent growth for the country’s economy in the ongoing year.
The Georgian economy is projected to grow 5.5 percent in 2022 and next year, followed by a 5 percent growth in 2024, the June edition of the World Bank’s Global Economic Prospects report has said.
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.
Georgia is maintaining “strong” economic growth rates in 2022, Economy Minister Levan Davitashvili said on Thursday after announcing the latest Gross Domestic Product data that said the economy had grown by 11.6 percent in May and 11.2 percent in the first five months of 2022 year-on-year.
Georgian Finance Minister Lasha Khutsishvili on Monday said the economic recovery from the pandemic was "progressing at a faster pace than expected", with the development setting expectations "much higher" than the projected six percent economic growth this year.
The “positive trends” of the Georgian state budget execution, along with the review of the double-digit growth of the county’s economy, were discussed during a meeting of the Government’s Economic Council on Wednesday.
Georgian Prime Minister Irakli Garibashvili on Monday said the country maintained “double-digit economic growth, peace and stability” while economic processes in the world were “heading towards recession”.
Georgian Prime Minister Irakli Garibashvili and members of the Government's Economic Council met on Saturday to review current economic trends.
The Georgian economy grew by 7.2 percent in June and by 10.5 percent in the first six months of 2022 year-on-year, the latest data from the National Statistics Office of Georgia show.