NEWS

Georgian economy grows 10.3% in January-August

The Georgian economy grew by 10.5 percent in August and by 10.3 percent in the first eight months of 2022 year-on-year. Photo: Nino Alavidze/Agenda.ge

Agenda.ge, 30 Sep 2022 - 11:47, Tbilisi,Georgia

The Georgian economy grew by 10.5 percent in August and by 10.3 percent in the first eight 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
Construction
Information and communication
Hotels and restaurants
Trade

A decline was registered in manufacturing and real estate activities.

Recently, the European Bank for Reconstruction and Development has raised its economic growth forecast for Georgia, announcing it is expecting the Georgian economy to grow eight percent this year, "significantly higher” than the previously predicted three percent growth.

In addition, 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 ADB also forecast Georgia’s real gross domestic product growth to be six percent in 2023, in an update from previous estimates in April, when it forecast growth of 3.5 percent in 2022 and five percent in 2023 for Georgia.

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