May GDP Growth 2.1% – Preliminary Data

Georgia’s real GDP grew 2.1% year-on-year in May, according to preliminary data released by the state statistics office on Tuesday.

Economy grew 2.5% y/y in January-May of this year, according to Geostat.

The government submitted this week to the Parliament draft of a revised 2015 state budget, which cuts economic growth forecast to 2% from initial target of 5%.

It also cuts initially targeted GEL 7.6 billion in tax revenues for 2015 fiscal year by GEL 200 million.