On Thursday, the National Statistics Office of Georgia announced that the country’s nominal GDP reached ₾24.85 billion ($8.84 billion) in the third quarter. Real GDP grew by 11 percent compared to the previous year, with a 4.3 percent increase in the GDP deflator.
During this period, significant contributions to the real GDP growth came from the following sectors:
- Construction (30.9%)
- Information and communication (32.8%)
- Wholesale and retail trade, and motor vehicle and motorcycle repair (11%)
- Education (35.6%)
- Financial and insurance services (22.9%)
- Public administration, defense, and compulsory social security (14.7%)
However, the real value added decreased in the following sectors:
- Real estate (-4.9%)
- Electricity, gas, steam, and air conditioning supply (-13.6%)
Several international financial institutions have recently raised their economic growth forecasts for Georgia.
Fitch Ratings, a global credit rating agency, predicted that Georgia’s economy would grow by 8.7 percent this year, followed by a slowdown to 5.3 percent in 2025 and 5 percent in 2026.
The International Monetary Fund (IMF), in its October World Economic Outlook, forecast Georgia’s economy would grow by 7.6 percent this year and 6 percent in 2025. The IMF also projected the country’s GDP per capita to reach approximately $8,882.6 this year, with purchasing power parity at $27,363.4. By 2029, GDP per capita is expected to rise to $12,734.2, reaching 52.5 percent of the EU’s average GDP per capita.
In October, the World Bank projected a 7.5 percent growth for Georgia this year, significantly above the potential level, with a forecast of 5.2 percent growth in 2025 and 5 percent in 2026.
The European Bank for Reconstruction and Development (EBRD) revised its 2024 economic growth forecast for Georgia upward by 1.3 percentage points, to 6.5 percent, following strong growth in manufacturing output.
Similarly, the Asian Development Bank (ADB) raised Georgia’s 2024 GDP growth forecast to 7 percent, up from the previous 5 percent forecast made in April.
