World Economy

Georgia GDP Estimated at 6.1 percent

Georgia GDP Estimated at 6.1 percentGeorgia 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, 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.


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