Georgia records strongest economic growth in Europe between January and July, PM says

Georgia has posted another successful month in terms of economic growth, with the country maintaining the highest growth rate not only in the wider region but also across Europe, Prime Minister Irakli Kobakhidze announced on Monday at a Government session.

In his remarks, Kobakhidze noted that Georgia’s economy grew by 8% between January and July.

He highlighted that about a month ago, the International Monetary Fund revised its forecast for Georgia’s 2023 growth upward, raising it to 7.2%.

“We believe that, at the current pace, we will exceed this projection. The rest depends on our continued work”, the Government head said.

The Prime Minister underlined that positive economic trends are reflected in the national currency and foreign exchange reserves.

Over the past seven months, the Georgian lari has strengthened by ₾0.15 against the US dollar, which Kobakhidze described as a sign of the country’s solid economic position.

He also noted that between March and July, the National Bank of Georgia increased foreign exchange reserves by $1.3 billion - a record figure. With August included, reserves are expected to exceed $1.5 billion, closing the year with another all-time high.

“I would once again like to take this opportunity to thank the National Bank and its Governor for their efforts and significant results”, Kobakhidze concluded.