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.