Adjusted data shows Georgian economy grew 7.8% in 2023

The National Statistics Office of Georgia on Friday published adjusted data of the national economy’s gross domestic product growth in 2023, which showed a 7.8 percent growth last year, in an increase from the preliminary estimate that had foreseen a growth rate of seven percent.

The updated figures also showed the GDP at current prices amounted to ₾80.88 billion ($29.74bln) - an 11 percent year-on-year growth.

The Office said the largest shares in the  GDP by sector were held by:

• Wholesale and retail trade; repair of motor vehicles and motorcycles (16%)
• Real estate sector (10.6%)
• Manufacturing (9.6%)
• Construction (7.6%) 
• Agriculture, forestry and fishing (6.9%)
• Public administration and defence; compulsory social security (6.7%)
• Transportation and storage (6.1%)
• Information and communication (6%)
• Financial and insurance sector (5%)

Last year, real growth was registered in wholesale and retail trade, repair of motor vehicles and motorcycles (17.8 percent), information and communication (27.5 percent), construction (15 percent), public administration and defence; compulsory social security (15.6 percent), education (18 percent), transportation and storage (12.3 percent), the Office added.

It also said decreases had been recorded in agriculture, forestry and fishing (3.4 percent), mining and quarrying (19.6 percent) and real estate (two percent).

This year, 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 body said.

Several international financial organisations have recently upgraded their economic growth forecasts 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 World Bank last 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.