Georgia: Q2’17 GDP Growth 4.7%

Georgia: Q2’17 GDP Growth 4.7%

Georgia: Q2’17 GDP Growth 4.7%

The FINANCIAL -- Georgia’s economy grew by 4.7% in the second quarter of 2017, higher than the 2.8% growth recorded year earlier, according to preliminary data released by the state statistics office, Geostat, on September 18.

Real Gross Domestic Product grew 4.6% year-on-year in June, after 2.1% and 5.3% y/y growth in April and May, respectively. 

The Ministry of Economy explained on September 18 that the growth rate was mainly determined by intensified activity in the private sector, as well as by increased export and tourism revenues, according to Civil.Ge.

The estimated annual growth of real GDP stood at 2.7% in 2016, the weakest growth rate since 2009. Georgia’s economy expanded by 2.9% in 2015, lower than 4.6% in 2014, 3.4% in 2013 and 6.4% in 2012.

The Government forecasts 4% economic growth in 2017.