Georgia’s Economy Grows by 4.7% in Q2 2017

The National Statistics Office of Georgia (Geostat) says that Georgian economy grew by 4.7% in the second quarter of 2017, which is 2.8% higher than the growth recorded in 2016.

“In Q2 2017 the real growth of Gross Domestic Product (GDP) amounted to 4.7 % yearon-year, while the GDP deflator increased by 5.9 %. The nominal GDP totaled GEL 9 066.1 million,” the Geostat latest data reads.

Geostat data reads that the largest shares of GDP by activity are held by Industry (16.7 %) and Trade services (15.2 %), followed by Agriculture, hunting and forestry, fishing (9.9 %), Transport and communication services (9.8 %), Construction (9.4 %), Public administration (8.5 %), Real estate, renting and business activities (6.6 %), Health and social work (5.8 %).

The Ministry of Economy said the growth of economy was mainly determined by intensified activity in the private sector, as well as by increased export and tourism revenues.

“The correct and consistent economic policy of the Government of Georgia will contribute to improving investment environment, diversification of economy and acceleration of economic growth over the next few years,” the statement of the ministry reads.

Georgia’s economy grew by 5.1% in the first quarter of 2017. Accordingly, in the first half of 2017 the country's economy grew by 4.9% compared to the previous year.

By Thea Morrison

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