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According to Geostat’s rapid estimates of GDP growth, Georgia’s economy continues expanding at a moderately high pace, reaching 5.2% in the first quarter of 2018. GDP growth was mainly driven by an enhanced external environment, improved business confidence, credit expansion and fiscal stimulus. Geostat’s Q1 growth figure is higher than the National Bank of Georgia’s (NBG) 4.8% projection for annual growth in 2018, but falls behind ISET PI’s annual GDP growth forecast of 5.7%.
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Among the pleasant surprises early this year, were the figures for Georgia’s economic growth in 2017. According to GeoStat estimates, Georgia’s real GDP grew by 4.8% year over year (YoY) in 2017. This result moderately surpassed the ADB, EBRD, IMF and World Bank’s last growth projections of 4.2%, 3.9% 4.0%, and 3.5% growth, respectively. NBG 4.5% growth projection also slightly underestimated Georgia’s economic growth in 2017. The real winner in this race was ISET-PI’s annual GDP growth forecast. In November 2017, we predicted 4.7% YoY growth, and since then our updated forecasts indicated 4.8% real GDP growth.
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