According to Geostat’s rapid estimates, real GDP grew by 1.5% in September 2016, while the growth rate for Q3 stood at 2.2% year over year (YoY). The estimated third-quarter growth was thus 1.3 percentage points lower than ISET-PI’s GDP forecast for the quarter. One should note that the data from September are likely to include a very high services component (revenues from the tourism sector). Therefore, the quarterly growth number is likely to be revised upward in the future as more data comes in.

Forecasters, professionals and amateurs alike, all got it wrong. The Brexit came as a surprise because the bookmakers (people who organize bets on developments in politics, economics, and sports) reported that about three times more money was put on the event that Britain would stay in the EU than on its alternative. With poll results being inconclusive in the weeks before the referendum, this led many pundits to believe that Britain would stay in the EU.

According to Geostat estimates, real GDP grew by 4.3% year over year (YoY) in April 2016. Although the growth rate showed an upward trend from the beginning of the year, the ISET-PI forecast for Q2 and Q3 has remained at 4.2% and 4.3%, the same as in previous predictions. This means that the real growth rate is expected to stabilize at the 4-4.5% level in the next months.

As has been reported earlier, the recent deal struck by Georgian PM Giorgi Kvirikashvili and Wizz Air CEO Owain Jones led to a decision by the company to start – already in September 2016 – base operations in Kutaisi and launch new twice or thrice-weekly service from Kutaisi to Berlin, Munich, Milan, Dortmund, Larnaca, Sofia, and Thessaloniki.

Back in October 2014, soon after the introduction of new visa regulations by the Georgian government, I visited Seoul, the capital of South Korea. An unpleasant surprise awaited me on the way back home at the Seoul airport. The young stewardess checked my (Israeli) passport and informed me that, according to the system, I will not be allowed to board the flight (to Istanbul) unless I show a Georgian residence card or buy a return ticket.