Georgia's economy grows by 7.7% in Q1, 2023
Georgia's economy grows by 7.7% in Q1, 2023

In Q1 2023 the nominal Gross Domestic Product (GDP) amounted to GEL 16 470.9 million. The real GDP increased by 7.7% YoY, while the GDP deflator percentage change equalled 6.8%, the Georgian National Statistics Service (GeoStat) reported on Monday.

According to Geostat, significant contributions to the real GDP growth in Q1 2023 are related to an increase of value-added of the following activities: Wholesale and retail trade; repair of motor vehicles and motorcycles(14.0%), Information and communication (44.2%), Construction (15.1%), Public administration and defence; compulsory social security (10.5%), Education (13.4%), Arts, entertainment and recreation (17.2%).

A decrease in the real value-added occurred in Manufacturing (-6.6%), Human health and social work activities (-12.7%), Mining and quarrying (-10.8%), Agriculture, forestry and fishing (-2.3%), Real estate activities (-0.3%).

The largest share in GDP by activity is held by Trade (14.4%) and Real estate activities (12.0%), followed by Manufacturing (9.3%), Public administration (7.9%), Construction (6.5%), Transportation and storage (5.9%), Education (5.6%), Financial and insurance activities (5.5%), Information and communication (5.5%).

“Calculation of the quarterly Gross Domestic Product is based on monthly and quarterly data. The data of annual surveys usually differ from the quarterly data. Therefore, arises the necessity of
adjusting the quarterly GDP taking into account annual survey results.

After receiving the annual survey results for the previous year, four quarters of the previous year are adjusted along with the first and the second quarters of the current year. Final revision of
2022 quarters data will be conducted in November 2023, after receiving the data of annual surveys for the 2022 year,” Geostat states.