Georgian economy grew 7.1% in January-February

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.