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Jan-May 2018: Georgia’s economy grows 6.1%


The average estimated real gross domestic product (GDP) growth in Georgia equaled 6.1 percent for the first five months of 2018 year-on-year (y/y), says the National Statistics Office of Georgia (Geostat).

 

The estimated real GDP growth rate in May 2018 amounted to 7.5percent y/y.

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 percent 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 percent while the European Bank for Reconstruction and Development (EBRD) says Georgia’s economy will grow by 4.5 percent.

The Asian Development Bank (ADB) forecasts the Georgian economy will grow by 4.5 percent in 2018.

The International Monetary Fund (IMF) has moved its forecast up, saying the Georgian economy will grow by 4.5 percent in 2018 and 4.8 percent in 2019.