Georgia's Economy Grew 5.7% in October 2019

The Georgian gross domestic product (GDP) grew 5.7% in October 2019 compared to the same period of last year, the latest data from the National Statistics Office of Georgia (Geostat) shows.

Geostat reports that GDP grew in January-October 2019 by 5.1% year on year (y/y).

In October 2019 the estimated real growth compared to the same period of the previous year occurred in the following sectors: manufacturing, hotels and restaurants, information and communication.

A decrease was registered in mining and quarrying and in the arts, entertainment and recreation activities.

Georgian external trade turnover increased to $10.37 billion (0.5 percent higher y/y) in January-October 2019 according to preliminary Geostat data.

In the first ten months of 2019, the value of exports increased by 10.4% and reached $3.04 billion, while imports decreased by 3.1% and amounted to $7.33 billion.

The trade deficit of Georgia in January-October 2019 amounted to $4.3 billion which is 41.4% of trade turnover.

In October 2019, monthly inflation in Georgia increased by 0.8%, while the annual inflation rate amounted to 6.9%, says Geostat.

Geostat data show that 4,232 new enterprises were registered in October 2019, which is an 11.2% decrease compared to October 2018.

State budget expenses reached 936.9 million GEL ($315 mln/€286 mln), while state budget revenue was 931.7 million GEL ($313.2 mln/€284.4 mln).

The output of commercial banks in Georgia reached 177 million GEL ($59.5 mln/€54 mln), while the output of the National Bank of Georgia was 15.1 million GEL ($5.1 mln/€4.6 mln).

By Ana Dumbadze 

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