Georgia Sees 6.1% Economic Growth Since January

The National Statistics Office of Georgia (GeoStat) has released data from the first five months of 2018. Most notably, real GDP growth is at 6.1% year-on-year. For the month of May, 2018, GeoStat estimates a real GDP growth rate of 7.5% year-on-year. Growth was mainly due to the transportation, manufacturing, trade, financial intermediation, and hotel and restaurant sectors.

Georgia’s government has predicted 2018 economic growth will average 4.5%. The World Bank estimates 4.2% growth, while the European Bank for Reconstruction and Development and the Asian Development Bank both expect 4.5% growth. The International Monetary Fund also forecasts robust growth – 4.5% for 2018, and 4.8% for 2019.

For complete statistics, see the GeoStat website.

Commenting on the latest economic reports, Prime Minister Mamuka Bakhtadze said the economic growth is a sign that the government’s economic policy is effective. “I would like to note that the quality of economic growth is improved. First of all, we should touch the export growth that was increased by 50% compared to the previous year, this is a significant contributor to this economic growth,” Bakhtadze said before today’s Cabinet meeting. He also touted the reforms his new government has announced, saying they have created a healthy economic environment where growth rates will continue to increase.

By Samantha Guthrie

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