Georgian economy grows 6.9% y/y in January-October, says Statistics Office
The Georgian economy grew 6.9 percent year-on-year between January-October and by 6.2 percent in October alone. Photo: Nino Alavidze/Agenda.ge
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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.
Last month the growth was mainly driven by the estimated real growth in financial and insurance activities, wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage.
However, decline was registered in manufacturing and real estate activities, the Office added.
The World Bank in October 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.
The Government has also 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 country’s budget for 2024 is being planned with five percent growth.
Georgian Prime Minister Irakli Garibashvili on Thursday highlighted the country’s economic progress since the Covid pandemic at the Annual Central Asia Regional Economic Cooperation Ministerial Conference, telling the event the national economy had rebounded with a “double-digit” growth of over 10 percent over the past two years.
Paweł Herczyński, the Ambassador of the European Union to Georgia, on Tuesday opened the European Investment Bank conference Green, Inclusive and Growth Finance to discuss promotion of green and inclusive growth in the Georgian micro, small and medium-sized enterprise sector.
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.
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 Monday said the country maintained an “advanced position” in the wider region for its economic growth rate, and credited the outcome with the Government’s “prudent” macroeconomic policy.
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.
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.
Irakli Kobakhidze, the head of the ruling Georgian Dream party, on Monday said the country’s economy was growing “not only in absolute terms but also compared to other countries”, reducing the gap with “advanced” countries in living standards.