01.May .2019 00:22

Georgia’s Economic Growth Reaches 6% in March

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The preliminary data of the National Statistics Office of Georgia (Geostat) shows that the economic growth of Georgia reached 6% in March 2019.  The economic growth of the first quarter of 2019, GDP amounted to 4.7%.

In January 2019, growth amounted to 3.5%, whereas in February 2019 – 4.6%. The overall turnover of Georgia’s business sector amounted to 17,346,000,000 GEL in the first quarter of 2019.

Deputy Minister of Economy and Sustainable Development of Georgia, Ekaterine Mikabadze stated that this is a good message for the investors:
“this is a good start before the visit of International Monetary Fund’s (IMF) mission, which begins on May 1.”, stated Mikabadze.

According to Geostat, the increase was noted in the fields like trade, transport, real estate operations and other kind of services in different fields. The increase was also noted in the field of providing communal, social or personal services.

However, construction sector is where the decrease was noted. The decrease in this sector was noted in 2018 as well. The activity in this sector amounted to 3.1% last year.

Since this is the preliminary data of Gesotat, it does not cover the detailed indicators of separate fields of economy.

In regards to construction sector, Geostat published another document regarding the construction licenses. According to this data, 2052 construction licenses were given out for 1,378,100 square meters in the first quarter of 2019. The indicator increased by 7.8% compared to the same period of previous year. 71,6% of these lincenses were issued for constructions in 3 regions:

• Tbilisi – 50%
• Adjara – 11,1%
• Kvemo Kartli – 10,5%