Georgia’s GDP growth rate up 9.7% in July
The latest data from the National Statistics Office of Georgia showed the country’s GDP increasing by 10.3 percent between January-July. Photo: Nino Alavidze/agenda.ge
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The estimated real Gross Domestic Product of Georgia grew by 9.7 percent in July 2022 year-on-year, while the average real GDP increased by 10.3 percent between January-July, the latest data from the National Statistics Office of Georgia shows.
Image: Geostat.
The GDP growth in July was observed in the following sectors:
- Transportation and storage
- Construction
- Information and communication
- Mining and quarrying
- Trade
A decline was posted in manufacturing.
Georgian Prime Minister Irakli Garibashvili and members of the Government's Economic Council met on Saturday to review current economic trends.
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.
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 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.
Georgian Prime Minister Irakli Garibashvili said Georgia has maintained "peace, stability and strong economic development, while the whole world is facing the biggest challenges", the Government Administration announced on Saturday.
Georgian Prime Minister Irakli Garibashvili on Monday said Georgia’s average real Gross Domestic Product increase of 10.3 percent between January and July was an “unprecedented economic growth worldwide” on the backdrop of Russia’s war in Ukraine, which he said had caused “serious economic challenges in Europe, and in the whole world”.
Georgian Prime Minister Irakli Garibashvili on Monday announced amendments to the country’s budget bill to reduce its foreign debt to 40 percent of the gross domestic product, and budget deficit to 3.2 percent of the GDP, crediting the “unprecedented, double-digit” economic growth for enabling the moves.
The Georgian economy grew by 7.1 percent in the second quarter of 2022 year-on-year, while the gross domestic product deflator percentage change equalled to 8.2 percent, the latest data from the National Statistics Office of Georgia show.
The Asian Development Bank projects the Georgian economy to grow seven percent in 2022, "driven by higher export and tourism revenue, a large inflow of money transfers, and strong private consumption", the bank said in a report on Wednesday.