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.
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