August GDP Growth 2.3% ? Preliminary Data

Georgia’s real GDP grew 2.3% year-on-year in August, according to preliminary data released by the state statistics office Geostat.

Economy grew 2.8% y/y in the first eight months of this year. GDP growth in the same period of last year stood at 6.1%.

Parliament confirmed in July amendments to the 2015 state budget cutting economic growth forecast from 5% to 2% and reducing targeted tax revenues by GEL 200 million to GEL 7.4 billion.

The government proposed state budget for 2016 will set next year’s economic growth forecast at 3%.