Georgia's economy grows by 8.4% compared to January last year

Georgian economic growth

According to preliminary estimates from the National Statistical Service of Georgia, in January 2023 the GDP of the country had risen to 8.4% compared to last year.

The following industries have made a significant contribution to growth:

● construction;
● financial and insurance activities;
● transportation and storage;
● trade;
● information and communication;
● hospitality.

Decreasing trends were observed in the manufacturing, science, and energy.

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Despite recessionary risks around the world, last year was quite successful for Georgia thanks to external factors, as recognized by almost all international financial organizations.

According to experts, 2023 will be full of challenges for the world. The Georgian government predicts 5% economic growth this year. The National Bank believes that the most realistic GDP growth by 2023 to be 4%.

International banks believe that Georgia will demonstrate good results in 2023, with a chance that the country’s GDP will increase by another 6%.