November 2023 | Remittances dip as one-time impact expires, money supply sustains growth, marginal contraction in credit expansion, and inflation approaches zero
11 December 2023

updated its real GDP growth forecast for the fourth quarter of 2023 and the first quarter of 2024. Here are the highlights of this month’s release:

Geostat has released its rapid estimate of real GDP growth for September 2023. The estimated growth stands at 5.1%, while the average real GDP growth for January-September 2023 reached 6.8%.

ISET-PI predicted 6.2% and 2.7% growth for the fourth quarter of 2023 and the first quarter of 2024, respectively.

Based on September data, the annual growth in 2023 is expected to be 7.1%.

In addition, the National Bank of Georgia expects a 6% real GDP growth in 2023. According to the Monetary Policy Report, among the reasons behind the prediction are large foreign inflows, that continue to make a substantial contribution to economic activity (e.g., domestic spending and service exports), as well as production factors’ rising productivity along with improved investments.