Georgian economy grows 4%

30 October 2018 18:54 (UTC+04:00)

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The Georgian economy grew 4% year-on-year in the third quarter of 2018 and 4.9% in the nine months of the current year, announces the National Statistics Office of Georgia (Geostat), Agenda reports.

The estimated real gross domestic product (GDP) growth rate in September 2018 was equal to 5.6% year-on-year, Geostat said.

Last month estimated real growth compared to the same period of the previous year was posted in manufacturing, financial intermediation, trade, real estate, transport, hotels and restaurants.

Various international financial institutions also have positive expectations for Georgia’s economic growth.

In 2018, the World Bank predicts Georgia’s economic growth to hit 4.2 percent while the European Bank for Reconstruction and Development (EBRD) says Georgia’s economy will grow by 4.5 percent.

The Asian Development Bank (ADB) raised Georgia’s 2018 growth forecast to 4.9 per cent from the April estimate of 4.5 per cent reflecting strong growth in tourism and robust investment after an increase in business and investor confidence.

The International Monetary Fund (IMF) has moved its forecast up, saying the Georgian economy will grow by 5.5 percent in 2018.

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