The Georgian economy grew 5.9 percent year-over-year in November, while the average real GDP growth between January and November equaled 6.9 percent, the National Statistics Office of Georgia said on Friday.

Last month the estimated real growth was influenced by financial and insurance activities, construction, professional, scientific-technical activities, and trade, while declines were registered in manufacturing, energy, transportation, and storage, the body said.

Deputy Economy Minister Vakhtang Tsintsadze said the Government expected the economy to grow by seven percent this year.

Based on the economic growth data published today, we can already summarise the economic growth trends of 2023. The Georgian economy maintains the high economic growth rate that was recorded in 2021-2022, and we expect that in 2023 it will grow by about seven percent”, he said.

We expect 2024 to continue with even more positive trends. The positive dynamics that have been recorded in the Georgian economy for the past three years will be preserved and will continue”, Tsintsadze added.

The World Bank in October revised its 2023 growth forecast for Georgia upward to 5.9 percent. 

The Asian Development Bank also raised its growth forecast for the year from the earlier 4.5 to 6 percent, saying "high foreign direct investment and lower unemployment" had supported “strong growth” for the domestic economy.

The country’s budget for 2024 is being planned with five percent growth.  

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