Georgia: Economy | Asian Development Bank

Georgia: Economy

Growth accelerated to 5.1% in the first quarter of 2017 from 2.7% in the whole of 2016. The strong performance reflected gains of 21.6% in construction, 11.5% in communication, and 8.7% in hotels and restaurants. On the demand side, growth drew support from increased government outlays and expanded private consumption enabled by higher remittances and accommodative monetary policy during 2016. Net exports contributed to growth for the first time since 2013. Also contributing were larger tourism receipts and improved business activity from higher lending to enterprises. Preliminary official estimates put growth at 4.5% in the first half of the year. Read more from Asian Development Outlook 2017 Update

Note: GDP growth rate forecasts for 2017 and 2018.


Economic forecasts for South Asian countries

Country 2017f 2018f
Armenia 2.2 2.5
Azerbaijan –2.2 0.1
Georgia 3.8 4.5
Kazakhstan 0.9 0.7
Kyrgyz Republic 1.5 1.0
Tajikistan 1.5 3.3
Turkmenistan 5.1 5.6
Uzbekistan 5.1 5.4
Average 1.7 2.1
Country 2017f 2018f
Armenia 1.2 1.8
Azerbaijan 14.0 10.0
Georgia 5.7 4.0
Kazakhstan 8.0 7.0
Kyrgyz Republic 3.5 5.0
Tajikistan 8.0 7.5
Turkmenistan 5.7 5.5
Uzbekistan 11.5 12.0
Average 8.9 7.8
Country 2017f 2018f
Armenia –2.5 –2.3
Azerbaijan 5.6 11.0
Georgia –12.0 –11.5
Kazakhstan –4.5 –3.5
Kyrgyz Republic –13.0 –13.5
Tajikistan –5.5 –6.0
Turkmenistan –12.8 –12.4
Uzbekistan 0.1 0.5
Average –3.4 –2.0
Country 2015
Armenia 3,880
Azerbaijan 6,560
Georgia 4,160
Kazakhstan 11,390
Kyrgyz Republic 1,170
Tajikistan 1,280
Turkmenistan 7,380
Uzbekistan 2,160

f = forecast number.

Sources:
Asian Development Outlook 2017
Asian Development Outlook 2017 Update