Georgian economy grew 7.5% in Q2, nominal GDP at $7.35bln - Statistics Office
Georgian economy grew 7.5 percent year-on-year in the second quarter of 2023 while the nominal gross domestic product amounted to ₾19.28 billion ($7.35bln). Photo: Nino Alavidze/Agenda.ge
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Georgian economy grew 7.5 percent year-on-year in the second quarter of 2023 while the nominal gross domestic product amounted to ₾19.28 billion ($7.35bln), the National Statistics Office said on Monday.
The growth in the second quarter was mainly driven by the increase of value added for the following sectors:
- Administrative and support service (42.8%)
- Construction (22.7%)
- Information and communication (20.2%)
- Education (19.6%)
- Wholesale and retail trade; repair of motor vehicles and motorcycles (14.6%)
- Public administration and defence; compulsory social security (11.1%)
- Transportation and storage (6.8%)
However, decline was registered in agriculture, forestry and fishing (-7.1 percent), manufacturing (-2.8 percent) and electricity, gas, steam and air conditioning supply (-7 percent).
The largest share in GDP by activity was held by:
- Trade (15.5%)
- Real estate activities (10.6%)
- Manufacturing (8.9%)
- Construction (7.7%)
- Agriculture, forestry and fishing (7.7%)
- Public administration (6.9%)
- Transportation and storage (6%)
- Education (5.3%)
Georgian Prime Minister Irakli Garibashvili on Friday said the Government had raised its growth forecast for 2023 from the earlier five to 6.5 percent and was adjusting the state budget with a ₾500 million ($190mln) increase based on the increased growth rate.
Georgian Prime Minister Irakli Garibashvili on Friday said the Government had raised its growth forecast for 2023 from the earlier five to 6.5 percent and was adjusting the state budget with a ₾500 million ($190mln) increase based on the increased growth rate.
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.
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.
Natia Turnava, the Acting President of the National Bank of Georgia, on Wednesday said the domestic economic growth this year could exceed the planned six percent.
Georgian Prime Minister Irakli Garibashvili on Tuesday highlighted Georgia as a “global hub for business and finance” and one of the world’s “fastest-growing” economies while addressing the United Nations General Assembly’s Sustainable Development Goals Summit in New York.
The Asian Development Bank on Wednesday said high foreign direct investment and lower unemployment had supported “strong growth” for the Georgian economy, and raised its growth forecast for 2023 from the earlier 4.5 to six percent. “The growth will moderate slightly to five percent in 2024, in light of an expected return to growth potential and possible fallout from slowing global expansion”, the ADB said.
The Georgian economy grew seven percent year-on-year in January-August and 5.8 percent in August alone, the National Statistics Office said on Friday.
The Georgian economy grew 5.1 percent in September year-on-year, while the average real gross domestic product growth between January and September equalled 6.8 percent, the National Statistics Office said on Tuesday.
The National Statistics Office of Georgia on Wednesday published adjusted data of the gross domestic product growth of 2022 that showed a 10.4 percent growth for the country’s economy last year.
Georgian Prime Minister Irakli Garibashvili on Monday said the Government’s “correct policy” had led to the “record-high” figure of 1.366 million employed individuals across the country in the third quarter of 2023.
The Georgian economy grew 6.9 percent year-on-year between January-October and by 6.2 percent in October alone, the National Statistics Office said on Thursday.
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.
Irakli Kobakhidze, the head of the ruling Georgian Dream party, on Thursday said the domestic gross domestic product per capita would exceed $12,000 by 2028 according to the forecast by the International Monetary Fund, with the development meaning that “poverty will almost disappear” across the country.