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Any observer of the Georgian economy would probably agree that the country has too many people employed (or, rather, under-employed) in agriculture. Historically, many countries have experienced a secular decline in the share of employment (and GDP) related to the agricultural sector. Yet, Georgia has seen limited structural change out of agriculture (other than, perhaps, into seasonal or permanent labor migration).
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The Georgian economy’s growth rate appeared to slow down in September. According to Gaostat’s rapid estimates forecast, the real growth of GDP decreased to 4.1%. This estimate is the lowest this year since April when the growth rate fell to 2.7%. The ISET Leading Economic Indicators index warned about a possible slowdown of the economy in the third quarter, citing, in particular, the significant decline in exports that began in August 2014.
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Based on the data from September, we have made the sixth update of the Q3 forecast. The Q3 growth forecast was revised upward from 2.2% to 4.1%. The third forecast for the last quarter of 2014 revised up from 0.4% to 1.1%
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The purpose of this event was to discuss the role of energy and water supply sectors for job creation and poverty reduction, as well as suggest improvements to existing policies affecting access to, and efficient use of, scarce resources. Georgia, just like other countries of the South Caucasus region, is characterized with significant energy poverty.
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According to preliminary estimates, Georgian economic growth declined from 7.2% to 5.2% between July and August 2014. Although the August estimate is still quite high, there is increasing concern that the national economy is set to slow down in the second half of the year.