Georgian economy grew 5.8% y/y in January - Statistics Office

The Georgian economy grew 5.8 percent year-on-year in January, the National Statistics Office said on Thursday.

Last month’s growth was mainly driven by estimated real growth in construction, financial, insurance, information and communication sectors, the Office noted, adding declines were registered in real estate and manufacturing.

Georgian Finance Minister Mikheil Dundua said he was “confident” the coming months would see higher economic growth and employment rate. He noted the economy grew by 7.5 percent in 2023 and by 11 percent in 2022.

Georgia continues to demonstrate good economic growth indicators”, the Minister added.

Deputy Economy Minister Vakhtang Tsintsadze said the goal of the Government was to “support maintaining the high economic growth rates of recent years”. 

A number of activities are planned in this regard - among them, our goal is to make state programmes more effective and more adapted to the needs of the private sector. The Government has quite ambitious plans to make private sector promotion measures even more targeted, which will allow us to accelerate economic growth, increase productivity in the economy, create additional jobs and generally increase the income of the population”, he pointed out.

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.