Geostat has updated its estimates for the first three quarters of 2022, Q1 2022 growth rate now stands at 15%, while the annual growth rates for Q2 and Q3 slightly increased to 7.2% and 9.8%, respectively. The real GDP growth estimate for the first eleven months of 2022 is 10%.

On 21 November, Davit Keshelava, deputy practice lead of ISET Policy Institute’s Macroeconomic Policy Research Center (MPRC), took part in a Georgian-Austrian Business Forum that was organized by Advantage Austria Tbilisi (while acting as part of the Trade Mission in Georgia and Azerbaijan).

The document (Creative Economy in Georgia: Baseline Study of Key Indicators, Characteristics, and Needs) is part of “Creative Twist - Boosting the Cultural and Creative Industries in Georgia,” a project implemented by LEPL Creative Georgia with the financial support of the IFCD.

ISET-PI’s forecast of real GDP growth for the third quarter (July-September) of 2022 decreased by 0.1 ppt to 16.4% compared to the last month’s prediction. The third estimate for the fourth quarter (October-December) growth forecast remains unchanged at 17.3%.

Following the tentative recovery observed in 2021, global economic conditions worsened significantly in 2022 (IMF, July 2022). Russia’s invasion of Ukraine on 24 February 2022 caused global economic growth estimates to drop for the first time since 2020.