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July GDP Growth 3% – Preliminary Data

Georgia’s real GDP grew 3% year-on-year in July, according to preliminary data released by the state statistics office Geostat on Monday.

Economy grew 2.6% y/y in the first seven months of this year, according to Geostat. GDP growth in the same period of last year stood at 6.2%.

Parliament confirmed on July 17 amendments to the 2015 state budget cutting economic growth forecast from 5% to 2% and reducing targeted tax revenues by GEL 200 million to GEL 7.4 billion.