Georgian economy grows 10.5% in January-June

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. 

Last month the estimated real growth was observed in the following activities: 

• Transportation and storage
• Electricity, gas, steam and air conditioning supply
• Information and communication
• Hotels and restaurants
• Mining and quarrying

A decline was registered in manufacturing, construction and real estate activities.

Vakhtan Tsintsadze of the Ministry of Economy said that maintaining the trend of double-digit economic growth is especially important in the light of the decrease in the forecasts of the global economy. 

This, of course, indicates the stability of the Georgian economy in relation to external shocks", Tsintsadze said.

The Deputy Minister of Finance, Mikheil Dundua said that in the conditions of a global crisis, Georgia achieves a double-digit economic growth. 

This indicates how important the peace-oriented policy that the country implements is. With peace-oriented policies, business and investment promotion policies, high economic growth will ultimately be achieved, which, of course, will affect the economic well-being of the population", he said.

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.