Georgia's economy grows 4.6% y/y in H1

By bne IntelliNews August 2, 2017

Georgia's economic growth decelerated to 4.6% y/y in June, down from 5.3% y/y in May, the country's statistics agency Geostat reported on August 1. Overall, economic growth in the first half-year stood at 4.5% y/y.

The small and trade-reliant economy in the South Caucasus has seen a slowdown in economic growth in recent years, following the similar trend experienced by its main trade partners – neighbours Turkey, Azerbaijan and, to a smaller extent, Armenia and Russia. However, following GDP growth of 2.9% in 2015 and 2.2% in 2016, the Georgian economy is expected to grow by 4% in 2017 according to the government's projections.

In the same report, Geostat noted that the consumer price index for June had grown by 7.1% y/y and that the producer price index for industrial goods was up by 12.3% y/y.

Meanwhile, despite a steady growth in exports, which were 30.8% higher compared to the first half of 2016, Georgia's foreign trade deficit surpassed $2.3bn, representing almost 50% of total foreign trade turnover.

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