Geostat: 2.9% Economic Growth for Georgia

The business environment in Georgia is rather attractive, as new investment projects are being implemented by the local authorities. An important aspect in this sense is the fact that the state reported financial growth in the last quarter of 2015; the economic growth was established at 2.9%. Foreign investors who want to open a company in Georgia are advised to receive the assistance of our Georgian company formation specialists, who can offer details on the main business sectors that could provide various financial opportunities. 

 

 

The data was released by Geostat (the National Statistics Office in Georgia) and it refers to the Gross Domestic Product (GDP) growth. The GDP value was situated at 8,785 billion GEL, while the most representative financial sectors (calculated by activity) were represented by trade services (16.9% out of the total GDP) and industry (16.2%). 

 

The shares of other industries in Georgia are the following: 

 

• public administration (11.6%);

• services for transportation and communication (9.2%);

• construction sector (8.5%);

• agriculture, hunting, fishing, forestry related activities (7.9%);

• real estate, rental services, business activities (7%);

• health, social work (5.5%). 

 

The economic increase of 2.9% experienced in the fourth quarter of 2015 was higher than the results of the previous periods; in the second and third quarters the local economy was situated at 2.5%.

 

The highest real growth increase was in the mining and quarrying industry, which developed in the last quarter of 2015 by 23.5%; our Georgian company formation specialists can provide you with more details on this subject. 

 

Foreign investors who want to open a company in Georgia can invest in this market, as international and local bodies predict that the economy will develop to 3% throughout 2016. The forecast has been released by the World Bank, which has also presented its report for 2017, when the GDP growth is estimated at 4.5%. 

 

The data presented by the World Bank in the Global Economic Prospect report states that in 2018 the Georgian economy will reach 5%. 

 

If you need further information on the economic growth in Georgia, please contact our team of Georgian company formation specialists, who can provide you with economic indicators related to the local business market.