The estimated real Gross Domestic Product (GDP) of Georgia increased by 18% YoY in January, the latest data from the National Statistics Office of Georgia (Geostat) showed.
The agency also released a breakdown of the highest real GDP growth by sectors, with the most increase observed in: manufacturing, transportation and storage, electricity, gas, steam and air conditioning supply, trade, hotels and restaurants, arts, entertainment and recreation, real estate activities and mining and quarrying.
A reduction was registered in construction, information and communication sectors, Geostat also said.
In other data, a total of 3,235 new businesses were registered in January, up by 14.1%. Value Added Tax (VAT) payers’ turnover amounted to 8.3 billion GEL, up by 39.8%. Exports of goods in January totaled $331.3 million, increasing by 47.6%.
Georgian Prime Minister Irakli Garibashvili said the pace of the growth of the country’s economy needed to be maintained, adding “we should continue to build the country and calmly manage the process.”
The World Bank’s report on Global Economic Prospects 2022 says the Georgian economy is projected to grow by 5.5% in 2022 and by 5% in 2023, while the Asian Development Bank’s 2021 Outlook predicts a 6.5% growth for the country’s economy this year. (Agenda/Business World Magazine)