Page 14 - GEORptSep22

3.0 Macro Economy
Georgia - Main Macro 2017 2018 2019 2020 Indicators
2021* Q1 2022
GDP real growth (y/y, %)
4.8 4.8 5.0 -6.8 10.4 14.9
GDP per capita (at current 4,358.5 4,722.0 4,696.2 4,255.7 5,015.3 1,249.9 prices), USD
GDP per capita (at current prices), GEL
10,933.9 11,968 13,239.4 13,234.1 16,154.1 3,891.6
GDP at current prices, (USD bn)
16.2 17.6 17.5 15.8 18.7 4.6
GDP at current prices, (GEL bn)
40.8 44.6 49.3 49.3 60.2 14.4
GDP deflator (y/y, %)
8.5 4.4 5.2 7.3 10.8 8.7
Source: Geostat
3.1 Macroeconomic overview
Georgia’s economy grew by 10.5% in 1H22
The Georgian economy grew by 7.2% in Q2 and 10.5% in the first half of 2022 y/y, according to the latest National Statistics Office of Georgia data.
Deputy Minister of Finance Mikheil Dundua said that Georgia achieved double-digit economic growth in the conditions of a global crisis.
"This indicates how critical the peace-oriented policy that the country implements is. With peace-oriented policies, business and investment promotion policies, high economic growth will ultimately be achieved, which, of course, will affect the population's economic well-being," he said.
The World Bank projected the Georgian economy to grow 5.5% in 2022 and next year, followed by a 5% growth in 2024. The Georgian economy has shown resilience to the economic shock induced by the Russian invasion of Ukraine so far, driven by the strength of the services sector, particularly in
14 GEORGIA Country Report September 2022 www.intellinews.com