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%.

Due to a recent update in Geostat's GDP calculation methodology in December, revised growth rates show an upward trend compared to the previous month's figures. Consequently, our forecast for GDP growth has been adjusted upwards to reflect this change.

Following the collapse of the Soviet Union, Georgia faced significant economic challenges, including political instability and conflicts. This resulted in a severe economic recession in the 1990s, with GDP contracting sharply.

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.

Geostat has released its rapid estimate of real GDP growth for January 2024. The estimated growth stands at 5.8%, while the estimated growth of 2023 reached 7.5%.