Home / Economy / Georgia’s GDP Rose to 2.1% in May 2015

Georgia’s GDP Rose to 2.1% in May 2015

According to Geostat, Georgia’s Gross Domestic Product grew by 2.1 percent in May 2015.

The data, which was published yesterday, showed that the estimated real GDP growth reached 2.5 percent for the first five months of 2015 compared to 2014.Geostat  produced monthly rapid estimations of real GDP growth using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics.

Geostat  produced monthly rapid estimations of real GDP growth using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics.

Meanwhile, the International Monetary Fund (IMF) projected Georgia’s economic outlook as two percent in 2015 and three percent in 2016.

Almost the same forecast was made by the European Bank for Reconstruction and Development (EBRD), which said Georgia’s economy was expected to decelerate to 2.3 percent in 2015 and 2.6 percent in 2016, reflecting mainly a deteriorating external environment with recession in Russia and sharp slowdown of regional trading partners.

Geostat figures stated Georgia’s economic growth rate amounted to 3.1 percent in the first quarter of 2015, while it reached 4.1 percent in March.