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According to recently released statistics, the Georgian economy continued on a stable trajectory of low- single digit growth in September and October. The rapid growth estimates for October show 3% GDP growth, definitely an improvement over the 2.2% growth in September. The estimated average real GDP growth rate in the first ten months of 2015 was 2.8% year on year.
The latest figures point to the strong possibility that Georgia will close out the year with annual real GDP growth above the 2% projected by IMF for 2015
In the third quarter of 2015, estimated real GDP growth reached 2.5% year on year. This was very close to ISET-PI’s third quarter forecast of 2.6%.
At the same time, ISET-PI’s Leading Economic Indicators forecast puts 2015 annual GDP growth at about 3%. Download the full report
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• In August 2015, domestic production in Georgia increased by 2.3% annually – a figure that is expected to retain stability around this year’s overall trend.
• Consumer price inflation reached its highest value in two years (5.4%). The August 2015 increase in electricity tariffs and the growing number of tourist arrivals put additional upward pressure on consumer price inflation.
• Georgia’s main economic indicators show remarkable resilience, especially in light of the economic pressures from neighboring countries.
• Between July and August, the value of the Georgian lari against the dollar fell once more. In spite of this, the national currency remains relatively stable against the basket of Georgia’s trading partner currencies.
• Export growth continued to decline in annual terms, but there are signs that export patterns have recently been shifting. Georgian companies are looking for new trading partners in Europe and beyond.
• Bulgaria became Georgia’s fastest growing export destination for the second consecutive month.
The Georgian wine industry had a couple of very good years in 2013 and 2014, following the opening of the Russian market. Exports skyrocketed, prices of grapes followed suit. For all the talk about diversification, within just two years, Russia’s share in the total exports of Georgian wine shot up from 0 to almost 68%
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