Georgian economy grew 9% in January-June, says Statistics Office

The Georgian economy grew by 7.5 percent year-on-year in June, while the average real gross domestic product growth for the first six months equalled nine percent, the National Statistics Office said on Wednesday.

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

On the other hand, declines were registered in manufacturing.

Vakhtang Tsintsadze, the Deputy Economy Minister of the country, said economic growth was “quite diversified” in June. He also emphasised the impact of export and tourism revenues on growth.

The official said local exports reached a “record value” of $580 million in June, adding trends in tourism revenues were “promising”.

Looking ahead, Tsintsadze said he was confident Georgia would maintain the trend of “high economic growth in 2024 and beyond”, “positively impact[ing] income of every citizen” and contributing to an “overall improvement in the standard of living”.