The National Statistics Office of Georgia published its report on Georgia’s economic growth rate, calculating the results from January-September 2017.
According to the report the economic growth rate hit 4.7%. This number exceeds the government’s forecasted 4%.
The highest economic growth was noted in March and May, whereas the lowest was in April:
- January - 5.2%
- February - 4.4%
- March - 5.3%
- April - 2.1%
- May - 5.3%
- June - 4.6%
- July - 3.8%
- August - 4.3%
- September - 5%
The economic growth rate has had a positive impact on external merchandise trade. Specifically, exports rose 28 % y/y.
Total business turnover in September 2017 amounted to 5.8 billion GEL, which is 17.7% more y/y.
The Government of Georgia plans to achieve 4.5% economic growth by 2018.
In October 2017, the International Monetary Fund increased the forecasts for Georgia's economic growth. For 2017, the IMF forecasts 4.3% growth, whereas for 2018 - 4.2%, which is 0.2% higher than the previous forecast.
In 2016, Georgia's economy grew by 2.7%.
Georgia's economic growth has been an average of 6.1% since 2010, however, from 2013 the growth rate shrunk to 3.3% instead of the forecasted 6%. In 2014, the government had a estimated 5% economic growth, but because of deteriorating economic indicators, growth amounted to 4.6%. In 2015, economic growth was 2.8%, which was lower than the estimates by 0.8%.