Since 2003, Georgia has embarked on a journey of continuous reforms towards liberalization of the economy. As a result, in recent years Georgia’s economy has been steadily growing. The country’s most important economic sectors include agriculture, mining (manganese and copper) and manufacturing. In the past decade Georgia has also been heavily investing in energy independence by focusing on hydropower. The country also uses its key geographical location to become a logistics hub.
Currently, Georgia’s economy has a good chance of exceeding an official 4 percent growth projection in 2017 thanks to private sector developments and the government spending on infrastructure projects.
Geostats, the National Statistics Office of Georgia, has published the following historic data on Georgian GDP as well as the outlook for 2017 first quarter.
As it can be noted from the above data, the real growth of GDP is 5.1% until July 2017.
|GDP Annual Growth Rate||5.10||4.50||4.20||5.30||4.60||4.90|
As estimated by Trading Economics in the table above, the GDP annual growth rate in Georgia would stand at 4.60 in 12 month’s time. In the long-term, Georgia’s GDP annual growth rate is projected to trend around 4.90 percent in 2020, according to Trading Economics econometric models.
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