In September 2023, Georgian power plants generated 1,118 mln. kWh of electricity. This represents a 6% decrease in the total generation compared to the previous year (in September 2022, the total generation was 1,194 mln. kWh). The fall in generation on a yearly basis comes from a decrease of 7% in hydro and thermal power generation by 7% and 5%, respectively, while the generation of wind power plants increased by 10%.
For the fourth quarter of 2023, business confidence in Georgia increased (by 2.4 index points) and reached 18.1. The highest increase in business confidence is observed in the trade (+21.7) sector. The positive change in BCI for Q4 2023 was driven by improved past performance as well as more optimistic expectations.
Geostat has released its rapid estimate of real GDP growth for August 2023. The estimated growth stands at 5.8%, while the average real GDP growth for January- August 2023 reached 7%.
Global economic growth is anticipated to decrease from 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. In comparison to the April 2023 World Economic Outlook (WEO) projections, there has been a modest 0.2 percentage point improvement in the growth forecast for 2023, while the 2024 projection remains unchanged.
Rise in CCI. The Consumer Confidence Index experienced an increase of 3.4 index points – from -24.1 in May to -20.7 in June. This is the highest mark the CCI has reached since the pandemic struck in March 2020. The month-on-month (MoM) positive shift was mostly driven by an increase in consumer expectations about the future economic situation.