In an official publication of economic indicators, GeoStat reported that real economic growth (Real GDP) in Georgia increased by 4.5%. Real economic growth exceeded the government’s forecast of 4% growth by 0.5%.
March and May 2017 experienced the highest economic growth, while April experienced the lowest economic growth.
Economic Growth by Month, January-June 2017
- January - 5.2%
- February - 4.4%
- March - 5.3%
- April - 2.1%
- May - 5.3%
- June - 4.6%
Increased exports comprised 30.1% of real economic growth, and external merchandise turnover comprised 13.5%. In June, business turnover totaled 4.4 million GEL, a 16% y/y increase.
The International Monetary Fund (IMF) and the World Bank decreased the forecast for economic growth. Before May 2017, the World Bank forecasted economic growth of 5.2%. On May 11, however, the World Bank lowered the forecast for Georgia’s economic growth to 3.5%. The International Monetary Fund also lowered the forecast to 3.5%.
In 2016, Georgia’s economic growth totaled 2.8% while the Government of Georgia planned for economic growth of 2.7%.
Georgia’s average economic growth in 2010 amounted to 6.1%, though in 2013 the rate of growth slowed to 3.3% instead of the planned 6%. In 2014, the Government of Georgia planned for 5% economic growth, however, the worsening of other economic factors caused the actual economic growth to fall 0.4% below the intended target. In 2015, economic growth was 2.8%, 0.8% lower than the planned economic growth.