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Source: Geostat

Q2’18 GDP Growth 5.5% – Preliminary Data

Georgia’s economy grew by 5.5% in the second quarter of 2018, higher than the 4.9% growth recorded year earlier, according to the preliminary data released by the state statistics office, Geostat, on September 18.

The real GDP grew 4% year-on-year in June, after following the growth of 6.5% and 7.5% y/y in April and May, respectively. The estimated annual growth of real GDP stood at 5% in 2017, compared to 2.8% in 2016 and 2.9% in 2015, the weakest growth rates since 2009.

According to the report, real growth was registered in the following activities: Financial Intermediation (22.0%), Other Community, Social and Personal Service activities (17.9%), Real Estate, Renting and Business Activities (13.8%), Wholesale and Retail Trade; Repair of Motor Vehicles, Motorcycles and Personal and Household Goods (10.5%), Manufacturing (8.5%), Mining and Quarrying (8.1%), Transport (8.0%), Education (4.8%), Hotels and Restaurants (4.5%).

A decrease in the real value-added occurred in Construction (-7.1%), Agriculture, Hunting and Forestry; Fishing (-3.3%).

According to the International Monetary Fund, “the GDP growth projection for 2018 was revised upwards from 4.8% to 5.5%.”

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