Georgia's economy doubles in four years, PM highlights record growth in annual address

Georgian Prime Minister Irakli Kobakhidze on Friday announced impressive economic achievements during his annual report to Parliament, highlighting a significant surge in the country's nominal dollar-denominated economy over the past four years.

In his address, Kobakhidze noted that by the end of 2020, Georgia’s GDP per capita stood at $4,300, but by the end of 2024, that figure had more than doubled, reaching $9,140.

He further stressed that these figures were positioning Georgia at the forefront not only within the broader region but also among European countries for economic growth over the past four years.

“We rank first in Europe and the broader region in terms of economic growth over the past four years. In 2024, our economy reached ₾92 billion, and by the end of the year, we can confidently say that, for the first time, our economy will exceed ₾100 billion. I would like to remind you that in 2012, when the Georgian Dream team came to power, our economy did not even amount to ₾28 billion”, the PM told MPs.

“In other words, we have nearly quintupled the size of our economy during this period. Of course, we need to maintain this pace going forward. Also, by the end of the year, for the first time, our GDP per capita will exceed $10,000. This is also a very impressive figure, and we must sustain this growth rate”, Kobakhide said.

He also noted that the International Monetary Fund had presented a very promising forecast, according to which, from 2025 to 2030, Georgia would experience the highest growth both in the broader region and among European countries.

“The trend we have had over the past four years, according to the IMF forecast, will continue in the coming years up to 2030, and we will remain in first place among countries in the region and in Europe. The IMF’s average growth forecast is 5.2 percent, although we believe our actual figure will be even higher”, he concluded.