Deputy Economy Minister: Georgian economy grew 8.2% in March, 7.8% in Q1
Georgian Deputy Economy Minister Vakhtang Tsintsadze on Tuesday highlighted the latest update of figures from the National Statistics Office that put the country’s economic growth in March at 8.2 percent and the average rate of growth in the first quarter at 7.8 percent. Photo: Ministry of Economy
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Georgian Deputy Economy Minister Vakhtang Tsintsadze on Tuesday highlighted the latest update of figures from the National Statistics Office that put the country’s economic growth in March at 8.2 percent and the average rate of growth in the first quarter at 7.8 percent.
Tsintsadze credited increased economic activity in processing industry, information and communication, professional, scientific and technical sectors and real estate with the numbers.
He also noted the growth of investment and income from tourism had contributed to the positive trend.
The Deputy Minister emphasised the Government's “primary objective” was to maintain high growth, which he said would lead to “creation of additional jobs, increased income for the population, poverty reduction and an improved standard of living”.
He added the International Monetary Fund's April forecast predicted Georgia to have the “highest economic growth” among European Union candidate countries and European states in general between 2024-2029.
Georgia has been ranked ninth among the top 10 countries in the world with the highest percentage decrease in unemployment over the last 12 years in the World Economic Review by the International Monetary Fund.
Georgian Economy Minister Levan Davitashvili on Monday said the country’s economic growth forecast was “positive” in the medium term and the domestic economy was set to become “one of the fastest-growing” in Europe and the wider region.
Georgia has been listed among the top three countries in three different categories of the 10-year growth forecast of the International Monetary Fund, with the ranking released this week.
The World Bank on Thursday published the Macro Poverty Outlook report of Europe and Central Asia, highlighting that Georgia “has made notable gains in income growth and poverty reduction” in the past decade.
The World Bank on Thursday released its Economic Update for Europe and Central Asia, estimating the Georgian economy to grow by 5.2 percent in 2024.
Georgia's gross domestic product has been forecast to grow by five percent this year by the Asian Development Outlook, the flagship annual economic publication of the Asian Development Bank.