Georgia GDP Estimated at 6.1 percent

The average estimated real gross domestic product growth in Georgia equaled 6.1% for the first five months of 2018 year-on-year, says the National Statistics Office of Georgia. The estimated real GDP growth rate in May 2018 amounted to 7.5% y/y, Agenda.ge reported. Last month the estimated real growth, compared to the same period of the previous year, was posted in the following activities: Transport, manufacturing, trade, financial intermediation, hotels and restaurants. The government forecasts Georgia’s economy to grow by 4.5% in 2018. Various international financial institutions also have positive expectations for Georgia’s economic growth. In 2018, the World Bank predicts, Georgia’s economic growth to hit 4.2% while the European Bank for Reconstruction and Development says Georgia’s economy will grow by 4.5%. The Asian Development Bank forecasts growth by 4.5%. The International Monetary Fund has moved its forecast up, saying the Georgian economy will grow by 4.5% in 2018 and 4.8% in 2019. Georgia’s economy has been growing steadily this year, show the latest statistics. Growth accelerated to 5.1% in the first quarter of 2017 from 2.7% in the whole of 2016. The strong performance reflected gains of 21.6% in construction, 11.5% in communication, and 8.7% in hotels and restaurants.