Galt & Taggart raises economic growth forecast to 7% for 2024.
The authors of the review explain the reason for the change in forecast based on Geostat data.
"Real GDP growth was 8.4% in 1Q24 Georgia’s real GDP increased by 8.4% y/y in 1Q24 according to Geostat, revised upwards from the preliminary estimate of 7.8%. Considering this upgrade, Georgia’s economy grew by 9.4% y/y in 4M24.
By economic sectors, high contributions to the 1Q24 growth came from real estate (+18.8% y/y), education (+29.1% y/y), public administration (+13.0% y/y), ICT (+12.2% y/), construction (+10.3% y/y) and transportation & storage (+9.7% y/y). Meanwhile, electricity supply (-11.6% y/y) and mining (-1.8% y/y) sectors contracted in 1Q24.
Due to stronger-than-expected growth in 4M24 and continued robust economic activity, we are raising our real GDP growth forecast to 7.0% from 6.0% for the full-2024 year", - Galt & Taggart report reads.
