Georgian economy grows 10% in 10 months
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. Photo: Nino Alavidze/agenda.ge
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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.
Areas including construction, transport and warehousing, financial and insurance activities and mining industry made a “significant contribution” to the growth, the body said.
In other data, a downward trend was observed in the processing industry and activities related to real estate, Geostat also added.
Image: Geostat
The European Bank for Reconstruction and Development recently raised its economic growth forecast for Georgia, announcing it was expecting the domestic 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 highlighted the country’s “double-digit” economic growth for two consecutive years, stressing the outcome was the result of the “sound economic policy” of his government. He noted that the economic growth projection will be adjusted to 10 percent instead of the originally projected 8.5 percent this year.
Georgian prime minister Irakli Garibashvili on Monday highlighted the country’s “double-digit” economic growth for two consecutive years, stressing the outcome was the result of the “sound economic policy” of his government.
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 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.
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.
Georgia’s "sound economic management" and "good business environment" will continue to support economic activity, but further reforms will be required to keep the gross domestic product growth between 4-4.5 percent, according to the World Bank’s Country Economic Memorandum for Georgia, released on Tuesday.
The gross domestic product of Georgia will reach ₾80 billion ($30.08 bln) next year, Prime Minister Irakli Garibashvili said at the Government meeting on Monday, adding the figure had increased by almost ₾30 billion ($11.28 bln) over in the last two to three years.
Georgia’s gross domestic product per capita will reach $8,000 in 2023 while the current year is on track to close with 10 percent economic growth, Prime Minister Irakli Garibashvili said on Tuesday as part of his end-of-year summary of the Government’s work.
The Georgian economy’s 2022 growth is projected to be at 10 percent in the final tallying of numbers for the past year, with a "much stronger” domestic economic activity observed compared with expectations in the aftermath of Russia’s invasion of Ukraine, the January report of the World Bank Global Economic Prospects has said.
The Georgian economy is forecast to grow 5.2 percent in 2023 and 4.6 percent in 2024, the World Economic Situation and Prospects report by the United Nations said on Thursday.
The Georgian economy grew by 11 percent in December and 10.1 percent over the past year, the latest data from the National Statistics Office of Georgia has shown.