BAKU, Azerbaijan, June 25. Galt & Taggart investment bank has revised its 2024 economic growth forecast for Georgia, increasing it from 6 to 7 percent, according to its latest weekly review, Trend reports.
The upward revision is attributed to data from Georgia's National Statistics Bureau, which indicated a stronger-than-expected performance in the first quarter of the year.
According to Saxstat, Georgia's real GDP grew by 8.4 percent in Q1 2024, surpassing the preliminary estimate by 0.6 percentage points. After adjustments, the country's economy expanded by 9.4 percent in the first four months of 2024.
Several sectors showed significant contributions to this growth, including real estate (+18.8 percent year-on-year), education (+29.1 percent y/y), public administration (+13 percent y/y), ICT (+12.2 percent y/y), construction (+10.3 percent y/y), and transport (+9.7 percent y/y). Conversely, declines were recorded in electricity supply (-11.6 percent y/y) and mining (-1.8 percent y/y).
"Given the stronger-than-expected growth from January to April and sustained high economic activity, we are raising our economic growth forecast for 2024 from 6 to 7 percent," the review states.