Georgia's Economy Records 7.7% Growth in June

As per the preliminary estimates from Geostat, Georgia's economy experienced significant growth in June 2023, with the real Gross Domestic Product (GDP) expanding by 7.7 percent compared to the same period last year. The average GDP growth rate for the first half of 2023 stands at 7.6 percent.

Geostat's data revealed that in June, Georgia's private sector, consisting of GDP-contributing businesses, recorded a turnover of 12 billion GEL. This sector's robust growth, marked by a 19.3% increase, played a significant role in fueling the overall economic growth.

According to the information released by Geostat, several sectors contributed notably to this upward trajectory in June 2023, compared to the same period in the previous year. These included construction, trade, and financial and insurance activities.

Conversely, some sectors, such as transport and warehousing, along with electricity, gas, steam, and air-conditioning supply, exhibited a declining trend.

Geostat also reported a 6.1% increase in the turnover growth rate of enterprises that are subject to Value Added Tax (VAT).