Georgian economy grows 10.2% in January-September
The Georgian economy grew by 8.8 percent in September and by 10.2 percent in the first nine months of 2022 year-on-year. Photo: Nino Alavidze/agenda.ge
Tweet 
Share
The Georgian economy grew by 8.8 percent in September and by 10.2 percent in the first nine 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
- Information and communication
- Construction
- Hotels and restaurants
- Mining and quarrying
A decline was registered in 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.
Georgian prime minister Irakli Garibashvili on Monday said the domestic high economic growth rate was expected to be maintained with the year closing with “double-digit figures”.
Georgian prime minister Irakli Garibashvili on Monday said the domestic high economic growth rate was expected to be maintained with the year closing with “double-digit figures”. The government administration cited Garibashvili as saying the current 10.2 percent growth was “unprecedented in Europe”, in his summary of figures of the past nine months at the weekly government meeting.
The economic trends of Georgia, current and future reforms, as well as macroeconomic indicators and forecasts, were discussed on Friday by the Georgian economy minister Levan Davitashvili and James John, the mission chief of the International Monetary Fund.
Georgian prime minister Irakli Garibashvili on Friday said the country’s "unprecedented" double-digit economic growth of 10.5 percent in August and 10.3 percent over the first eight months of 2022 was the result of the government's "reasonable policy”.
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.
Georgian economy minister Levan Davitashvili on Monday said the forecast of the International Monetary Fund projected the Georgian economy’s 2022 growth to be 10.5 percent, and highlighted the country exhibited “one of the highest” growth rates in the region.
The Georgian economy grew by 10 percent in the first 10 months of 2022 with the real gross domestic product growth showing an 8.3 percent increase over the previous year, the latest data from the national statistics office shows.