NEWS

Georgian economy grows 5.5% in July, 7.2% in 7 months of 2023 - National Statistics Office

Last month’s growth was mainly driven by estimated real growth in financial and insurance activities, construction, trade, professional, and scientific and technical sectors. Photo: Nino Alavidze/Agenda.ge

Agenda.ge, 31 Aug 2023 - 11:39, Tbilisi,Georgia

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.

However, decline was registered in manufacturing, mining and quarrying, information and communication sectors.

The World Bank’s economic update in April said 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 in April 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.

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