Georgian economy

Economic Growth Less than Foreseen in Corrected Budget

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According to Geostat, Georgia’s economy grew by 2.4% in the first 11 months of 2016 - the corrected version budget for the year foresaw a 2.7% growth rate.

According to the original budget proposal of 2016, this year’s economic growth should have been 3%, however, by the end of the year, it became obvious that this prediction was not attainable. For that reason, changes were made to the budget in December.

In November, economic growth was 2%. According to Geostat’s data, the most active economic growth period was in the second quarter of the year, when growth reached 3%. The least active economic growth period was in the third quarter of the year - 2.2%.

Economic growth since 2010 has been on average 6.1%. However, the pace of growth has been lowering since 2013 when instead of 6%, growth was 3.3%.

In 2014, the government planned to reach a 5% economic growth rate. However, it achieved 0.4% less than that. In 2015, economic growth was 2.8%, which was 0.8% higher than planned by the government.

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