Georgian economy grew 7.5% in Q2, nominal GDP at $7.35bln - Statistics Office

Georgian economy grew 7.5 percent year-on-year in the second quarter of 2023 while the nominal gross domestic porduct amounted to GEL 19.28 billion ($7.35bln), the National Statistics Office said on Monday, Azernews reports, citing Agenda.

The growth in the second quarter was mainly driven by the increase of value added for the following sectors:

• Administrative and support service (42.8%)
• Construction (22.7%)
• Information and communication (20.2%)
• Education (19.6%)
• Wholesale and retail trade; repair of motor vehicles and motorcycles (14.6%)
• Public administration and defence; compulsory social security (11.1%)
• Transportation and storage (6.8%)

However, decline was registered in agriculture, forestry and fishing (-7.1 percent), manufacturing (-2.8 percent) and electricity, gas, steam and air conditioning supply (-7 percent).

The largest share in GDP by activity was held by:

• Trade (15.5%)
• Real estate activities (10.6%)
• Manufacturing (8.9%)
• Construction (7.7%)
• Agriculture, forestry and fishing (7.7%)
• Public administration (6.9%)
• Transportation and storage (6%)
• Education (5.3%)

Georgian Prime Minister Irakli Garibashvili on Friday said the Government had raised its growth forecast for 2023 from the earlier five to 6.5 percent and was adjusting the state budget with a GEL500 million ($190mln) increase based on the increased growth rate.