Indexes
Quarter 1 2019, Macro Review | Georgian economy in Q1: the calm before the (possible) storm
24
May
2019
According to Geostat’s rapid estimates of GDP growth, Georgia’s economy continues expanding at a moderately high pace, reaching 4.7% in the first quarter of 2019. Geostat’s Q1 growth figure fell below the National Bank of Georgia’s (NBG) 5% projection for annual growth in 2019. Meanwhile, based on the March data, ISET PI’s annual GDP growth forecast was 4.9%.
The main external driver of GDP growth in the reporting period was increasing net export, while remittances from abroad and tourism inflows had a limited impact in Q1 2019. Fiscal stimulus was the main internal factor which accelerated the economy, while deteriorating business sentiments and the new wave of credit regulations had a negative impact on growth. The further worsening of the economic situation in Turkey caused by a currency crisis and political instability is the main potential risk for economic growth in 2019, transmitting through the trade, remittances, and tourism channels.
In Q1 2019, the CPI inflation rate fluctuated around the targeted level as the new increase in the excise tax rates on tobacco products was balanced by downward pressure on inflation from weak aggregate demand. Overall, the annual inflation in January-March stood at 2.7% YoY.
Recent Publications
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Q2 2025 Macro Review | Services momentum, external resilience, and policy steadiness
06
October
2025
According to GeoStat’s preliminary estimates in the second quarter of 2025, Georgia’s nominal GDP reached GEL 25 347.0 million, with a year-over-year real GDP growth of 7.3% and a GDP deflator change of 4.8%. Per-capita GDP stood at GEL 6,842. The economic expansion was largely driven by strong growth in several key sectors.
Quarter 1, 2025 Macro Review | Sustained growth and stability in an uncertain global landscape
01
July
2025
According to GeoStat’s preliminary estimates in the first quarter of 2025, Georgia’s nominal GDP reached GEL 21,798.2 million, with a year-over-year real GDP growth of 9.8% and a GDP deflator change of 3.4%. The economic expansion was largely driven by strong growth in several key sectors. The most notable increases were observed in Education (+27.7%), Information and communication (+28.5%), Administrative and support service activities (29.7%), Human health and social work activities (17.9%).
Quarter 4, 2024 Macro Review | Georgia’s economic performance in Q4 2024: strong growth amidst stabilizing inflation and shifting external dynamics
28
February
2025
According to GeoStat’s preliminary estimates in the fourth quarter of 2024, Georgia’s nominal GDP reached GEL 25,309.6 million, with a year-over-year real GDP growth of 8.3% and a GDP deflator change of 4.0%. The economic expansion was largely driven by strong growth in several key sectors. The most notable increases were observed in Education (+36.2%), Information and communication (+29.7%), Human health and social work activities (23.6%), Mining and quarrying (22.5%).
Quarter 3, 2024 Macro Review | Economic progress under pressure: Georgia’s Q3 2024 growth and challenges
08
January
2025
According to GeoStat’s preliminary estimates in the second quarter of 2024, Georgia’s nominal GDP reached GEL 24,855.7 million, with a year-over-year real GDP growth of 11.0% and a GDP deflator change of 4.3%. The growth was driven by significant increases in value-added across various sectors: Education activities rose by 35.6%, Information and communication rose by 32.8%, Construction by 30.9%, Financial and insurance activities by 22.9%, Public administration and defense, including social security by 14.7% and Wholesale and retail trade, including repair of motor vehicles and motorcycles by 11%. Conversely, there was a decline in value-added in electricity, gas, steam, and air conditioning supply by 13.6% and in Real estate activities by 4.9%.
Quarter 2, 2024 Macro Review | Strong gdp growth driven by key sectors amid global and domestic challenges
02
October
2024
According to GeoStat’s preliminary estimates in the second quarter of 2024, Georgia’s nominal GDP reached GEL 22,101.7 million, with a year-over-year real GDP growth of 9.6% and a GDP deflator change of 2.5%. The growth was driven by significant increases in value-added across various sectors: Accommodation and food service activities rose by 35.7%, Education by 21.3%, household activities as employers and producers of goods and services for personal use by 17.3%, Transportation and storage by 16.1%, Public administration and defense, including social security, by 13.3%, and Construction by 13%.
