Georgian economy grew 7% in January-August, says Statistics Office

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.

Last month the growth was mainly driven by the estimated real growth in financial and insurance sector, construction, manufacturing and trade, while decline was registered in real estate, transportation and storage, and the field of information and communication. 

The Asian Development Outlook for September, released by the Asian Development Bank last week, said Georgia had experienced "strong growth" in construction, at 15.1 percent, and the service sector, at 10.2 percent.

It 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 Georgian Government has also raised its growth forecast for 2023 from the earlier five to 6.5 percent and adjusted the state budget with a ₾500 million ($186mln) increase based on the increased growth rate.

Georgian Prime Minister Irakli Garibashvili on Friday said the country had had a "very high economic growth" over the past two years, and his office was taking actions to ensure the "continuous growth at a high rate" on the third year on.