Indexes
Quarter 1 2018, Macro Review | Business as usual: Georgia’s economy continues to expand at a moderately high rate
18
June
2018
According to Geostat’s rapid estimates of GDP growth, Georgia’s economy continues expanding at a moderately high pace, reaching 5.2% in the first quarter of 2018. GDP growth was mainly driven by an enhanced external environment, improved business confidence, credit expansion, and fiscal stimulus. Geostat’s Q1 growth figure is higher than the National Bank of Georgia’s (NBG) 4.8% projection for annual growth in 2018 but falls behind ISET PI’s annual GDP growth forecast of 5.7%.
The beginning of 2018 saw robust growth in the wider region, which benefits the Georgian economy. According to the official data, economic growth in the first three months of 2018 in Armenia was as high as 10.6% YoY, while Russian and Azerbaijani economies advanced on average by 1.3% and 2.3% YoY, respectively. Turkey reached 7.4% YoY growth in Q1. These developments in neighboring countries further stimulate the Georgian economy through trade, remittances, and tourism channels.
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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%.
Quarter 1, 2024 Macro Review | Georgia’s robust growth amid global recovery challenges
28
June
2024
According to GeoStat’s preliminary estimates in the first quarter of 2024, Georgia’s nominal GDP reached GEL 18,913.2 million, with a year-over-year real GDP growth of 8.4% and a GDP deflator change of 3.1%. The growth was driven by significant increases in value-added across various sectors: Real estate activities rose by 18.8%, Education by 29.1%, Public administration and defence, including social security, by 13.0%, Construction by 10.3%, Information and communication by 12.2%, and Transportation and storage by 9.7%.
Quarter 4, 2023 Macro Review | Georgia's economic resurgence: GDP growth exceeds forecasts amid global slowdown
01
April
2024
Similar to the year 2022, Georgia stayed on the path of economic recovery from COVID-19 in 2023 as well. According to GeoStat’s preliminary estimates, the real GDP continues to show a relatively high growth rate, measuring at 7.5% y/y in 2023 – which is remarkably higher than the NBG’s real GDP growth expectation of 6% from October 2023.
