Georgia's GDP grows by 2.6% y/y in February

By bne IntelliNews March 31, 2016

Georgia's GDP increased by 2.6% y/y in February, according to the country's national statistics agency Geostat. GDP growth was 1.7% y/y in January-February.

The positive performance of the economy in February, on the back of increased tax collection and higher tourism output, prompted consultancy Galt & Taggart to claim that the economy has turned the corner after subdued growth in 2015 and that GDP growth could reach 5% in 2016. However, the Asian Development Bank (ADB) is much more conservative in its outlook, predicting a 2.5% growth in 2016 and 3.5% in 2017.

According to Geostat's preliminary estimates of economic growth, inflation stood at 5.6% y/y and 0.1% m/m in February. Meanwhile, producer price index increased by 3.9% y/y and 1.1% m/m in February.

Foreign trade declined by 2% y/y to $1.41bn in January-February, with exports decreasing by 13.2% y/y to $280.9mn and imports increasing by 1.3% y/y to $1.13bn.

Related Articles

Agreements with Armenia highlight of uneventful EU Eastern Partnership summit

The EU and Armenia signed a comprehensive and advanced partnership agreement and a common aviation area agreement at the Eastern Partnership summit on November 24, according to an ... more

Four killed in standoff between Georgian security forces and suspected terrorists

One police officer and three suspected members of a terrorist group have been killed in an anti-terrorist raid in the Georgian capital Tbilisi, the State Security Service said on November 22.  ... more

Georgia top CEE/CIS performer in World Bank's Doing Business 2018 ranking

Georgia is the only lower-middle-income country to rank among the top 10 countries in the world for ease of doing business, according to the World Bank's Doing Business 2018 report published on ... more