Georgia: Economy

Following growth at 2.8% in 2015, Georgia’s gross domestic product expanded by 2.6% in the first quarter of 2016 as fiscal stimulus boosted domestic demand and as mining expanded by 29.0%, construction by 25.7%, and tourist-industry businesses such as hotels and restaurants by 11.7%. Foreign direct investment in the quarter nearly doubled year on year to $376 million, going mainly into transport and communications, energy, and finance. Growth is estimated to have averaged 2.9% in the first half, up from 2.6% in the same period of 2015. Supported by buoyant tourism, continuing fiscal stimulus, and strengthening business confidence, growth is expected to accelerate in the rest of 2016 and 2017, with both projections revised up by 0.5 percentage points. Read more from Asian Development Outlook 2016 Update

Economic forecasts for Central Asian countries

Country 2016 2017
Armenia 2.0 2.3
Azerbaijan -2.5 1.0
Georgia 3.0 4.0
Kazakhstan 0.1 1.0
Kyrgyz Republic 1.0 2.0
Tajikistan 3.8 4.0
Turkmenistan 5.5 5.5
Uzbekistan 6.9 7.3
Average 1.5 2.6
Country 2016 2017
Armenia 1.5 4.0
Azerbaijan 12.0 5.2
Georgia 3.0 4.0
Kazakhstan 14.7 6.0
Kyrgyz Republic 5.0 8.0
Tajikistan 8.5 7.5
Turkmenistan 5.0 4.4
Uzbekistan 10.0 11.0
Average 11.5 6.4
Country 2016 2017
Armenia -4.8 -5.0
Azerbaijan -0.6 1.5
Georgia -12.0 -11.5
Kazakhstan -5.5 -4.9
Kyrgyz Republic -17.0 -15.0
Tajikistan -4.8 -5.5
Turkmenistan -13.3 -10.0
Uzbekistan 0.2 0.8
Average -5.0 -3.9

Source: Asian Development Outlook 2016 Update