Adjusted data: Georgian economy grew 10.4% in 2022
The updated figures also showed the GDP at current prices amounted to ₾72.26 billion ($26.96bln) - a 20.4 percent year-on-year growth. Photo: Nino Alavidze/Agenda.ge
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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.
The updated figures also showed the GDP at current prices amounted to ₾72.26 billion ($26.96bln) - a 20.4 percent year-on-year growth.
The Office said the largest shares of GDP by activity were displayed by:
- Wholesale and retail trade; repair of motor vehicles and motorcycles (15.9 percent) Manufacturing (11.3 percent)
- Real estate sector (10 percent)
- Construction (8 percent)
- Agriculture, forestry and fishing (6.9 percent)
- Transportation and storage (6.4 percent)
- Public administration and defence; compulsory social security (6.4 percent)
- Information and communication (5 percent)
- Financial and insurance activities (4.7 percent)
- Education (4.5 percent)
Real growth was registered in:
- Information and communication (59.1 percent)
- Wholesale and retail trade; repair of motor vehicles and motorcycles (10.8 percent) Transportation and storage (24.7 percent)
- Construction (16.5 percent)
- Manufacturing (10.5 percent)
- Electricity, gas, steam and air conditioning supply (29.3 percent)
- Accommodation and food service sector (14.6 percent)
It also said decreases had been recorded in healthcare and social work sector (-16.3 percent) and real estate (-3.7 percent).
This year, the Georgian economy grew by 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 Office said.
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 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.
The nominal gross domestic product of Georgia amounted to ₾71.75 billion ($27.87bln) in 2022, marking a 10.1 percent real GDP growth year-on-year, 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.
The Georgian economy grew 5.9 percent year-over-year in November, while the average real GDP growth between January and November equalled 6.9 percent, the National Statistics Office of Georgia said on Friday.