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. Photo: Nino Alavidze/Agenda.ge
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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.
Georgian Prime Minister Irakli Garibashvili on Friday said the country’s budget for 2024, planned with a 5.2 percent economic growth, would be ₾27.800 billion ($10.35bln).
Georgian Prime Minister Irakli Garibashvili on Friday said "thanks to the Government’s pragmatic foreign policy”, Georgia “has sustained economic growth over the past decade” and “has experienced double-digit economic growth for two consecutive years, with a GDP growth rate of over 10 percent in 2021 and 2022”.
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.
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.
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.
Georgian Economy Minister Levan Davitashvili on Wednesday said the Government was able “not only to maintain economic stability but also to ensure double-digit growth” for two years in a row “despite challenges”.
The World Bank on Friday said it had revised the 2023 growth forecast for Georgia upward to 5.9 percent.
Georgian Prime Minister Irakli Garibashvili on Wednesday highlighted the Government’s “pragmatic” foreign and economic policies, which contributed to securing an uninterrupted peace and stability and ensuring strong economic growth in the country amid the “complex” global security challenges.
Georgian Parliament Speaker Shalva Papuashvili on Wednesday said the country would become a “leader in economic growth” among European Union membership candidate countries and “wider Europe” between 2024-2028.