National Bank of Georgia raises GDP Growth Forecast

Impressive economic prospects are opening up for Georgia in 2023, and the National Bank of the country tirelessly analyzes the factors contributing to this upward trend. According to the latest data from the regulator, the country's economy is expected to grow by 6% this year.

This is the second revision of Georgia's GDP growth forecast. In May of this year, the National Bank raised its estimate of economic growth to 5%, compared with 2022. However, taking into account the encouraging dynamics and further analysis, the regulator decided to increase its forecast by 1 percentage point.

The National Bank justifies the high forecast of Georgia's GDP growth by two key factors. Firstly, significant investments that continue to attract the attention of the business community and foreign investors. Secondly, the active growth of foreign trade, especially in the field of exports.

Although the economic recovery brings many positive results, regulators still remain cautious about monetary policy. One of the reasons is concern about possible pressure on prices and inflation in the context of high consumer growth. The National Bank strives to ensure the sustainability and stability of the country's economic development.

Real data show that Georgia's economic growth is already impressive. In June 2023, the growth was 7.7% compared to the same period last year. And the average GDP growth rate in the first half of this year reached the level of 7.6%.

Such an optimistic trend of economic growth in Georgia speaks about the prospects of the country and its attractiveness for business and investment. It also creates favorable conditions for the development of various sectors of the economy, attracting new projects and strengthening international ties. Georgia continues to move forward, striving to become an important player in the global economy.