Statistics Office reports Georgian economy’s growth by 8.3% y/y in December

As the National Statistics Office said on Wednesday, the Georgian economy grew 8.3 percent year-on-year in December and by seven percent in 2023.
According to the Office, estimated real growth in construction, manufacturing, financial and insurance sectors, information and communication mainly drew last month’s growth, although energy and real estate sectors declined.
As Deputy Economy Minister Vakhtang Tsintsadze said, the domestic economy’s stability and growth at a “high rate” was maintained and continued despite the “geopolitical tensions” and “external shocks” created in the wider region.
According to him, one of the highest economic growth rates for 2023, both in the European region and among [EU membership] candidate countries, has been shown by Georgia, and this trend is expected to continue in the coming years.
“Record” results of the previous year were also pointed to by The Deputy Minister. He added that external trade turnover had exceeded $6.1 billion, while revenues from international tourism had crossed the $4.1 billion mark.
A growth trend also characterized investment activity in the country.
Tsintsadze said that all of the above-mentioned gives positive optimism that economic growth will continue at this rate and that 2024 will be impressive in economic growth, and higher economic growth than all forecasts [by various international financial organizations] during 2023 will be achieved.
According to the January edition of the World Bank’s Global Economic Prospects report, the Georgian economy would grow 4.8 percent in 2024.
As The National Bank of Georgia has said, economic activity is expected this year to “gradually normalize” in line with the growth rate of the potential gross domestic product, estimated at five percent.
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