Georgian economy grew 7.1% in January-February
The estimated real growth, compared to the same period of the previous year, was observed in construction, financial and insurance activities, trade, transportation and storage. Photo: Nino Alavidze/Agenda.ge
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The Georgian economy grew 5.8 percent in February and 7.1 percent in the first two months of 2023, data published by the National Statistics Office of Georgia on Friday shows.
The estimated real growth, compared to the same period of the previous year, was observed in construction, financial and insurance activities, trade, transportation and storage.
The Office also said decrease was registered in manufacturing, real estate sector, as well as professional, scientific and technical fields.
Finance Minister Lasha Khutsishvili said earlier this month he was expecting maintenance of “positive dynamics” of economic growth in the country and even higher figures this year.
Khutsishvili said statistics showed the real gross domestic product grew 10.1 percent in 2022 year-on-year, with combined figures of 2021 and 2022 showing the level of the economy had “fully returned to the pre-pandemic trend”.
He also noted “significant” growth was continuing in 2023, adding inflation was expected to remain close to the target of three percent in the second half of the year.
Georgian Prime Minister Irakli Garibashvili on Monday said the Government had ensured a double-digit economic growth in 2021, in contrast to forecasts by “quite competent people” that said the country was headed for a “default” that year.
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.
Georgian Finance Minister Lasha Khutsishvili on Thursday told the Parliament he was expecting maintenance of “positive dynamics” of economic growth in the country and even higher figures this year.
The nominal gross domestic product of Georgia amounted to ₾71.75 billion ($27.87bln) in 2022, marking a 10.1 percent real GDP growth year-on-year, data published by the National Statistics Office of Georgia on Tuesday shows.
The gross external debt of Georgia increased by $1.4 billion during the fourth quarter of 2022 and stood at $23.5 billion at the end of the year, the National Bank said in its latest update of national debt statistics on Friday.
Georgian Prime Minister Irakli Garibashvili on Monday said the country’s account deficit between imports and exports, unemployment and poverty had all hit “historic lows” in the past year while the domestic economy was observed at an “all-time high” and GDP per capita at a “historic maximum”.
The Georgian economy is expected to grow by 4.5 percent in 2023 before reaching a five percent growth rate in 2024, a new report by the Asian Development Bank said on Tuesday.
Economic growth in Georgia is expected to ease to 4.4 percent in 2023 and reach five percent in 2024 and 2025, the Europe and Central Asia Economic Update of the World Bank said on Thursday.
Commercial banks in Georgia loaned ₾44.87 billion ($17.9 bln) and received deposits of ₾43.34 billion ($17.3 bln) in March, the latest data from the National Bank of Georgia shows.
The Georgian economy grew 7.2 percent in the first quarter of 2023 and 7.3 percent in March, the latest data for the gross domestic product by the National Statistics Office of Georgia on Friday shows.
The Georgian economy grew 7.5 percent in April and 7.3 percent in the first four months of 2023, data published by the National Statistics Office of Georgia on Wednesday shows.