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.
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