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Georgia’s GDP grew by 4.6% y/y in July, a flash estimate from statistics office Geostat showed on August 30.
This was below the average estimated real GDP growth of 5.5% y/y in the first seven months of 2018, and even further down on the average 6.0% growth in Q2. However, it represented an uptick compared to June, when the economy expanded by just 4.0%.
Growth in annual terms was recorded in transport, trade, real estate, financial intermediation, and hotels and restaurants, Geostat said in a statement.
The statistics office also announced annual Consumer Price Index (CPI) inflation of 2.8%, while the Producer Price Index (PPI) for industrial products showed considerably stronger growth of 5.7%. Both CPI and PPI fell slightly in monthly terms.
Georgia’s international trade continued the robust growth seen earlier this year. Exports were up 28.8% to $1.871bn, while imports — which greatly outstrip exports — increased by 22.9% to $5.181bn.
Geostat’s monthly rapid estimations of real GDP growth rate are based on administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics.
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