The Georgian economy grew by 11% in December 2022 and 10.1% over the past year, the latest data from the National Statistics Office of Georgia showed.
The estimated real growth was observed in sectors including construction, manufacturing, transportation and storage.
It was also observed in financial and insurance activities, trade, hotels and restaurants, while decline was registered in real estate, professional, scientific and technical activities, electricity, gas, steam and air conditioning supply.
A recent United Nations forecast said the Georgian economy would grow 5.2% in 2023 and 4.6% in 2024.
The January report of the World Bank’s Global Economic Prospects said the Georgian economy’s 2022 growth had featured a “much stronger” domestic economic activity compared with expectations in the aftermath of Russia’s invasion of Ukraine.
However, the growth is expected to slow to 4% in 2023 and stabilise around 5% in 2024. (Agenda/Business World Magazine)