Georgian economy grew 9.5% y/y in February - Statistics Office

The Georgian economy grew by 9.5 percent year-on-year in February, while the average real gross domestic product growth for January-February equalled 7.7 percent, the National Statistics Office said on Friday.

Last month’s growth was mainly driven by estimated real growth in manufacturing, construction, professional scientific and technical activities, information and communication and transportation and storage, the Office noted.

On the other hand, declines were registered in energy, mining and quarrying activities.

After concluding its two-week visit to Georgia, mission from the International Monetary Fund said earlier this month growth was expected to ease to 5.7 percent in 2024, with consumption playing a “larger role” supported by strong real wage growth and employment.

It added, growth was expected to converge to its potential rate of around five percent  in the medium term.

The January edition of the World Bank’s Global Economic Prospects report said the Georgian economy would grow 4.8 percent in 2024.

The National Bank of Georgia has said it expects economic activity this year to “gradually normalise” in line with the growth rate of the potential gross domestic product, estimated at five percent.

The country’s budget for 2024 is being planned with five percent growth.