GeoStat: Georgian economy grows by 9.7% in 2024 according to revised data

Revised figures from the National Statistics Office (GeoStat) reveal that in 2024, the gross domestic product (GDP) at current prices reached GEL 93,022.3 million, representing a 15.0 percent increase compared to the previous year.

According to GeoStat, real GDP grew by 9.7 percent in 2024 compared to 2023. The GDP deflator’s percentage change for the year was calculated at 4.9 percent.

The agency’s report highlights that the largest shares within the sectoral composition of GDP are held by wholesale and retail trade, including repair of motor vehicles and motorcycles, which accounts for 15.4%, and real estate-related activities at 9.8%.

Other significant sectors include manufacturing at 9.7%, construction at 8.5%, public administration and defence, including compulsory social security, at 6.8%, information and communication at 6.4%, rural forestry and fishing at 6.3%, transport and storage also at 6.3%, and education at 5.6%.

In 2024, compared to the same period in the previous year, notable contributions to growth came from sectors such as wholesale and retail trade; repair of motor vehicles and motorcycles (9.3 per cent), information and communication (24.6 per cent), education (28.2 per cent), public administration and defence, including compulsory social security (15.5 per cent), rural, forestry, and fishing (13.5 per cent), construction (12.2 per cent), and transport and storage (11.2 per cent).

A decline was observed in the electricity, gas, steam, and air conditioning supply sector, which fell by 10.5%.