(MENAFN- AzerNews) The Georgian economy grew 6.9 percent year-on-year between
January-October and by 6.2 percent in October alone, the National
Statistics Office said on Thursday, Azernews reports, citing Agenda.
Last month the growth was mainly driven by the estimated real
growth in financial and insurance activities, wholesale and retail
trade, repair of motor vehicles and motorcycles, transportation and
However, decline was registered in manufacturing and real estate
activities, the Office added.
The World Bank in October revised the 2023 growth forecast for
Georgia upward to 5.9 percent. The Asian Development Bank also
raised its growth forecast for 2023 from the earlier 4.5 to 6 percent,
saying "high foreign direct investment and lower unemployment" had
supported“strong growth” for the Georgian economy.
The Government has also raised its growth forecast for 2023 from
the earlier five to 6.5 percent and was adjusting the state budget
with a GEL 500 million ($184) increase based on the increased
The country's budget for 2024 is being planned with five percent
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