In the second quarter of 2023, Georgia’s economy showed annual growth of 7.5%, with nominal GDP amounting to 19.28 billion lari (or $7.35 billion), according to information from the National Statistical Office.
This growth in the second quarter was mainly due to increased value added in the following sectors:
Administrative support service (+42.8%)
Construction (+22.7%)
Information and communication services (+20.2%)
Education (+19.6%)
Wholesale and retail trade; repair of cars and motorcycles (+14.6%)
Public Administration and Defense; compulsory social security (+11.1%)
Transport and warehousing (+6.8%)
The greatest contribution to the formation of GDP was made by the following industries:
Trade sector (15.5%)
Real estate activities (10.6%)
Manufacturing (8.9%)
Construction (7.7%)
Agriculture, forestry and fishing (7.7%)
Public administration (6.9%)
Transportation and storage (6%)
Education (5.3%)
As for the outlook, Georgian Prime Minister Irakli Garibashvili announced an increase in the economic growth forecast for 2023 from the previous 5% to 6.5%. Due to the increase in growth rates, the government also made adjustments to the state budget, increasing it by 500 million lari ($190 million).
