Ministry of Economy Releases This Month's Numbers on Growth
Deputy Minister of Economy and Sustainable Development, Ekaterine Mikabadze, is reporting the most recent figures on Georgia's economic growth.
According to preliminary estimates, economic growth in September 2018 was 5.6% greater then the same period of the previous year, and the average economic growth January-September was 4.9% year-on-year. According to Mikabadze, significant growth was observed in several sectors, notably manufacturing, finance, trade, transportation, real estate, hotels and restaurants. In September 2018, the turnover of enterprises registered in Georgia increased by 10.4% year-on-year, with a total of 4,071 newly registered enterprises.
"This indicator of economic growth is caused by increased foreign demand, despite the relatively negative situation in the region, as well as increased domestic demand for both investment and consumption," said Mikabadze.
Mikabadze avoided directly addressing September's economic growth compared to August. She noted that the Ministry's preliminary assessment of economic growth is characterized by variability, saying "Periodic changes in the country, including new regulations, as well as one-time factors, of course have an impact on economic activity and leads to fluctuations."
"The [upward] trends that have been observed since the beginning of the year are still in the Georgian economy, this is confirmed by assessments of international financial institutions and rating companies," Mikabadze added.
By Samantha Guthrie
Photo: Ministry of Economy and Sustainable Development