Georgia's economy grew by 9.7% in July

Georgia's economy grew by 9.7% in July
Wednesday, August 31, 2022, 12:11 pm

TBILISI, August 31 - News-Georgia. In July 2022, compared to the corresponding period last year, the Georgian economy (GDP) grew by 9.7%, and the average for the first 7 months of the year was set at 10.3%. These are the preliminary estimates of the National Statistical Service "Sakstat".

Georgia's economic growth was 18% in January, 14.6% in February, 10.6% in March, 2.6% in April, 11.6% in May and 7.2% in June.

According to Sakstat, the following industries made a "significant contribution" to growth: transport and warehousing, construction, information and communications, mining, and trade. The downward trend was observed in the manufacturing industry.

The country ended 2021 with 10.4% GDP growth. The specialists explain that one of the main reasons for the double-digit economic growth is the “base effect”, since the GDP growth rate is calculated compared to last year's data. In 2020, the Georgian economy experienced a record recession and shrank by 6.1%.