Georgian economy grows 6.8% y/y in January-September, says Statistics Office
The Georgian economy grew 5.1% in September y/y, while the average real gross domestic product growth between January and September equalled 6.8%. Photo: Nino Alavidze/Agenda.ge
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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 Office said the growth was determined "significantly" by the estimated real growth in financial and insurance sector, construction, trade, accommodation and food service industry, while decline was registered in manufacturing, transportation and storage, and real estate sector.
The World Bank earlier this month said it had revised the 2023 growth forecast for Georgia upward to 5.9 percent. The Asian Development Bank also raised its growth forecast for 2023 from the earlier 4.5 to 6 percent, saying "high foreign direct investment and lower unemployment" had supported “strong growth” for the Georgian economy.
Georgian Prime Minister Irakli Garibashvili last month 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 ($184.86mln) increase based on the increased growth rate.
The PM also said the country’s budget for 2024 was being planned with 5.2 percent growth.
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 Friday said the country’s budget for 2024, planned with a 5.2 percent economic growth, would be ₾27.800 billion ($10.35bln).
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 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 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.
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.