Georgian economy grew 8.3% in September, says Statistics Office

The Georgian economy grew 8.3 percent year-on-year in September, while the average real gross domestic product growth for January-September equalled 9.8 percent, the National Statistics Office said on Thursday.

Last month, the estimated real growth contributed “significantly” in construction, financial and insurance activities, transportation and storage, and trade.

On the other hand, decline was registered in the energy sector.

Several international financial organisations have recently upgraded their economic growth forecast for Georgia.

In its October 2024 World Economic Review, the International Monetary Fund forecast Georgia’s economy to grow 7.6 percent this year and six percent in 2025.

The IMF also projected Georgia’s GDP per capita would reach about $8,882.6 this year, with purchasing power parity equivalent to $27,363.4. By 2029, the figure is expected to rise to $12,734.2, positioning Georgia at 52.5 percent of the average GDP per capita in European Union countries.

The World Bank earlier this month projected the Georgian economy to grow by 7.5 percent this year - “well above the potential level” - as well as 5.2 percent in 2025 and five percent in 2026.

The European Bank for Reconstruction and Development in September raised the country's economic growth forecast for 2024 by 1.3 percentage points, to 6.5 percent, from its previous prediction in May, following “strong growth” in manufacturing output.

The Asian Development Bank has also raised the country’s economic growth forecast, saying the gross domestic product of the country would grow by seven percent this year instead of the previous projection of five percent made in April.