Q1 2023: Georgian economy grows 7.2%
The estimated real growth compared to the same period of the previous year was observed in construction, financial and insurance activities, transportation and storage, and trade. Photo: Nino Alavidze/Agenda.ge
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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 Office said the estimated real growth compared to the same period of the previous year was observed in construction, financial and insurance activities, transportation and storage, and trade.
Decline was registered in manufacturing, energy and real estate activities.
Deputy Economy Minister Vakhtang Tsintsadze said a “positive economic growth rate” was expected to be maintained “over the coming months”.
We will be able to ensure higher economic growth than was predicted at the beginning of the year, including by international financial institutions”, Tsintsadze said.
In forecasts by the institutions, the World Bank’s economic update said economic growth in Georgia was expected to ease to 4.4 percent in 2023 and then reach five percent in 2024 and 2025.
The Asian Development Bank said earlier this month the country’s economy would grow by 4.5 percent in 2023 before reaching a five percent growth rate in 2024.
The World Economic Situation and Prospects report by the United Nations, released in January, forecast a 5.2 percent growth in 2023 and 4.6 percent growth in 2024 for the domestic economy.
Georgian Finance Minister Lasha Khutsishvili on Monday said the country’s economy had grown by 10 percent in the first 11 months of 2022, with the rate expected to be maintained in the final figures of the 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.
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 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 Georgian Government will continue to assist industrial producers and businesses through its Enterprise Georgia programmes in a bid to increase the competitiveness of the domestic sector, Economy Minister Levan Davitashvili said on Friday.
The Georgian economy grew 5.5 percent in July year-on-year and 7.2 percent in the first seven months of 2023, the National Statistics Office of Georgia said on Friday. Last month’s growth was mainly driven by estimated real growth in financial and insurance activities, construction, trade, professional, and scientific and technical sectors, the Office said.
Georgian Deputy Economy Minister Vakhtan Tsintsadze on Thursday said the Government’s “reasonable” macroeconomic policy was ensuring Georgia's resilience to external shocks and “positive trends” of economic growth would be maintained in the coming months.
Georgian Economy Minister Levan Davitashvili on Monday highlighted the “historically maximum number” of 737,000 people he said were employed in the domestic business sector.
The gross domestic product of Georgia at current prices amounted to ₾72.265 million ($26.870 mln) in 2022, data published by the National Statistics Office of Georgia on Tuesday shows.