The National Statistics Office of Georgia (Geostat) has published data concerning Georgia’s economic growth rate in the period stretching from January-November 2017.
According to Geostat, economic growth amounted to 4.8% in the above-mentioned period.
With the 2017 budget, the Government of Georgia planned a 4% economic growth rate in this period of time, thus this indicator exceeds the forecasted amount by 0.8%.
The highest economic growth in 2017 was in October (5.7%), whereas the lowest was in April (2.1%):
- 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%
- October - 5.7%
- November - 3.7%
The economic growth rate has had a positive impact on external merchandise trade. Specifically, exports rose 27 % y/y.
Total business turnover in January-November period of 2017 has risen by 13% compared to the same period of last year. In November total business turnover amounted to 5.9 billion GEL.
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%