Georgian economy grows 6.9% y/y in January-October, says Statistics Office

The Georgian economy grew 6.9 percent year-on-year between January-October and by 6.2 percent in October alone, the National Statistics Office said on Thursday, Azernews reports, citing Agenda.

Last month the growth was mainly driven by the estimated real growth in financial and insurance activities, wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage.

However, decline was registered in manufacturing and real estate activities, the Office added.

The World Bank in October revised the 2023 growth forecast for Georgia upward to 5.9 percent. The Asian Development Bank also raised its growth forecast for 2023 from the earlier 4.5 to 6 percent, saying "high foreign direct investment and lower unemployment" had supported “strong growth” for the Georgian economy.

The Government has also raised its growth forecast for 2023 from the earlier five to 6.5 percent and was adjusting the state budget with a GEL 500 million ($184.86mln) increase based on the increased growth rate.

The country’s budget for 2024 is being planned with five percent growth.