December 2023 | Economic momentum revealed: deposits soar, trade increases mostly driven by re-export, and remittances shift – Georgia's GDP growth chronicles
11 January 2024

ISET-PI has 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 October 2023. The estimated growth stands at 6.2%, while the average real GDP growth for January- October 2023 reached 6.9%.

In November, Geostat revised its rapid estimate of economic growth for the first two quarters of 2023. The growth rate for Q1 was adjusted upward from 7.7% to 8.0%, and for Q2, it changed from 7.5% to 7.8%. The GDP growth for Q3 remained unchanged initially but was later increased to 5.7% by the end of December. However, the later adjustment is not yet reflected in the forecast model/report for December.

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

Based on October data, the annual growth in 2023 is expected to be 7.3%.