Georgia’s GDP Growth Slows to 2.8% in 2015 – Preliminary Data

Georgia’s economy expanded by 2.8% in 2015, lower than 4.6% in 2014 and the weakest since 2009, according to preliminary data released by the state statistics office, Geostat, on January 29.

Real GDP grew 0.3% year-on-year in December with growth standing at 2.9% y/y in the final quarter of 2015 after 2.5% y/y growth in the third quarter, according to preliminary figures.

The government initially set growth target for 2015 at 5%, but the forecast was cut to 2% in July, 2015.

The government expects 3% economic growth in 2016.

The International Monetary Fund (IMF) also expects Georgia’s economy to grow 3% this year, but IMF also said in early December that this forecast was subject to downside risks, mainly from further economic deterioration in Georgia’s trading partner economies.

This post is also available in: ქართული (Georgian) Русский (Russian)