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World

Georgia's economic growth slows to 5.1pc year-on-year in Jan-July

TBILISI: Georgia's economy expanded 5.1pc year-on-year in the first seven months of 2019, down from 5.5pc growth in the

Sep 04 2019

TBILISI: Georgia's economy expanded 5.1pc year-on-year in the first seven months of 2019, down from 5.5pc growth in the same period of 2018, preliminary data showed on Wednesday.

In July, gross domestic product grew by 6.1pc compared with the same month a year ago, after expanding 5.0pc year-on-year in June.

The fastest growth in July was registered in trade, transport, real estate, construction, processing industry and services. But there were declines in activity in the metallurgy, production and distribution of electricity, natural gas and water industries.

Georgia's economy expanded 4.7pc in 2018.

The government expects growth this year of at least 5pc, although central bank governor Koba Gvenetadze told Reuters this month that GDP might be reduced by more than 1pc because of a dispute with neighbouring Russia and amid anti-government protests.

Fitch Ratings said in June that Russia's decision to ban flights to Georgia would weigh on Georgia's growth and current account because of its impact on tourism. Georgia got around $3 billion in revenues from tourism in 2018.

Fitch upgraded Georgia's long-term foreign currency rating to "BB" from "BB-" with a stable outlook in February.

Copyright Reuters, 2019