May 2024 | Economic growth stays strong despite risks: export/import drops, remittance challenges, and low inflation
24 May 2024

ISET-PI has updated its real GDP growth forecast for the second and third quarters of 2024. Here are the highlights of this month’s release:

Geostat has published its preliminary estimate of real GDP growth for March 2024, which stands at 8.2%. In addition, the estimated growth for the first quarter of 2024 reached 7.8%.

Following a recent update in Geostat's GDP calculation methodology in December, the revised growth rates exhibit an upward trend compared to the previous months’ figures since the previous release. Consequently, our GDP growth forecast has been adjusted upwards to reflect this change.

ISET-PI forecasts Georgia's economy to grow by 7.9% in the second quarter and 6.1% in the third quarter of 2024.

According to March data, the annual growth in 2024 is projected to be 7.1% in the worst-case scenario and 8.8% in the best-case or average long-term growth scenario. Our median scenario, reflecting the average growth from the past four quarters, forecasts an 8.2% increase in real GDP.