Georgia’s GDP increased by 5.5% y/y in Q2, the highest growth rate in more than five years, the statistics office reported. The growth rate was, however, lower than the 6.0% y/y flash estimate.
In nominal terms, the quarter’s GDP reached GEL10.17bn ($4.16bn). Country's GDP was GEL38.0bn ($15.16bn) in 2017.
Georgia's economy has expanded at high rates of above 5% y/y over the past three quarters, after it had slowed to more modest rates of around 3% y/y during 2015-2017. GDP increased at a robust average rate of 4.8% in 2010-2017, when it leaped by more than 45% in eight years after it saw a moderate 3.7% y/y contraction in 2009.
In Q2, the major economic sectors boasted high growth rates. The value added generated by industry increased by 8% y/y, the sector of services delivered to households (trade, services) expanded by 10.5% y/y and the sector of transport advanced by 8% y/y as well. The smaller, yet significant, sectors of agriculture and construction contracted by 3.3% y/y and 7.1% y/y respectively. Financial intermediation posted the steepest (22% y/y) advance.
Russians buy half of the consumer goods online, RIA Novosti reported on December 12 citing the study by Romir holding. The share of the online purchases jumped by 32% year-on-year in 2018, with the frequency up by 21%.
The Tretyakov Gallery, a leading Moscow museum that exhibits more than 190,000 works by modern and contemporary Russian artists, has decided to use blockchain to attract private capital for the digitization of its collection, reports East-West Digita
Slovakia´s industrial output increased by 1.2% in October year-on-year, the Slovak Statistics Office reported on December 11. The growth was due to a growth in manufacturing, a drop in energy supplies and in mining and quarrying.
Ukraine’s consumer prices increased 1.4% month-on-month and 10% year-on-year in November, driven mostly by food, housing and utilities prices, the nation's state statistics service Ukrstat reports
Russia’s gross international reserves fell slightly as of the end of November to $379.2bn from this year’s peak of $383.4bn set in September, but the sovereign rainy day fund, the National Welfare Fund, fell more heavily.