The Georgian economy grew by 8.8% in September and by 10.2% in the first nine months of 2022 YoY, the latest data from the national statistics office of Georgia showed.
In September, the estimated real growth was observed in the following activities: transportation and storage, information and communication, construction, hotels and restaurants and mining and quarrying.
A decline was registered in real estate activities.
Recently, the European Bank for Reconstruction and Development has raised its economic growth forecast for Georgia, announcing it is expecting the Georgian economy to grow by 8% this year, “significantly higher” than the previously predicted 3% growth.
In addition, the Asian Development Bank projects the Georgian economy to grow by 7% in 2022, “driven by higher export and tourism revenue, a large inflow of money transfers, and strong private consumption”.
The ADB forecast Georgia’s real gross domestic product growth to be 6% in 2023, in an update from previous estimates in April, when it forecast growth of 3.5% in 2022 and 5% in 2023. (Agenda/Business World Magazine)