Georgia's GDP grows 7% last year

The GDP of Georgia grew 8.3% year-on-year in December and by 7% in 2023, the Georgian National Statistics Office said.

According to the office, last month’s growth was mainly driven by estimated real growth in construction, manufacturing, financial and insurance sectors, information and communication. It was noted that declines were registered in energy and real estate sectors.

The January edition of the World Bank’s Global Economic Prospects report said the Georgian economy would grow 4.8% in 2024.

The National Bank of Georgia has said it expects economic activity this year to “gradually normalise” in line with the growth rate of the potential gross domestic product, estimated at 5%. 

The country’s budget for 2024 is being planned with 5% growth.