Georgian economy grows 7.3% between January-April

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.

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 and information and communication.

The Office also said a decrease was registered in the manufacturing and real estate sectors.

Deputy Economy Minister Vakhtang Tsintsadze said the “observed positive trends” and high economic growth indicated that the economy of Georgia remained stable despite external shocks, geopolitical tensions and challenges.

Tsintsadze said the Government's ongoing support measures for improving the competitiveness of small and medium-sized businesses, attracting investments, developing agriculture, infrastructure and industry had made a “significant positive impact” on the growth of economic activity and jobs, and contributed to reducing the level of poverty in the country.

Here is what different financial institutions forecast for GDP growth in Georgia:

• The European Bank for Reconstruction and Development - 5 percent in 2023 and 5.3 percent in 2024
• Asian Development Bank - 4.5 percent in 2023 and five percent in 2024
• World Bank -  4.4 percent in 2023 and 5 percent in 2024 and 2025
• International Monetary Fund - 5 percent in 2023

As for local authorities, they expect “positive dynamics” of economic growth to continue in the country this year.