Georgian economy up 18% in January

The estimated real Gross Domestic Product (GDP) of Georgia increased by 18 percent in January 2022 year-on-year, the latest data from the National Statistics Office of Georgia (Geostat) shows.

The agency also released a breakdown of the highest real GDP growth by sectors, with the most increase observed in:

• Manufacturing
• Transportation and storage
• Electricity, gas, steam and air conditioning supply
• Trade
• Hotels and Restaurants 
• Arts, entertainment and recreation
• Real estate activities
• Mining and quarrying

A reduction was registered in construction, information and communication sectors, Geostat also said.

In other data, a total of 3,235 new businesses were registered in January, a 14.1 percent increase compared to the same month last year. In the same month, Value Added Tax (VAT) payers’ turnover amounted to 8.3 billion GEL, a 39.8 percent increase year-on-year. Exports of goods in January totalled $331.3 million, increasing by 47.6 percent. 

Image: Geostat

Georgian Prime Minister Irakli Garibashvili said the pace of the growth of the country’s economy needed to be maintained, adding ”we should continue to build the country and calmly manage the process.”

The World Bank’s report on Global Economic Prospects 2022 says the Georgian economy is projected to grow 5.5 percent in 2022 and 5 percent in 2023, while the Asian Development Bank’s 2021 Outlook predicts a 6.5 percent growth for the country’s economy this year.