The Georgian economy grew by 10% YoY in January-October with the real gross domestic product growth showing an 8.3% increase over the previous year, the latest data from the national statistics office showed.
Areas including construction, transport and warehousing, financial and insurance activities and mining industry made a “significant contribution” to the growth, the body said.
In other data, a downward trend was observed in the processing industry and activities related to real estate, Geostat also added.
The European Bank for Reconstruction and Development recently raised its economic growth forecast for Georgia, announcing it was expecting the domestic economy to grow 8% this year, “significantly higher” than the previously predicted 3% growth.
In addition, the Asian Development Bank projects the Georgian economy to grow 7% in 2022, “driven by higher export and tourism revenue, a large inflow of money transfers, and strong private consumption”.
The ADB also 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 for Georgia. (Agenda/Business World Magazine)