Q1 2023: Georgian economy grows 7.2%

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.