Georgia set to surpass ₾100 billion GDP, $10,000 per capita income for first time, says Prime Minister

Georgian Prime Minister Irakli Kobakhidze on Monday announced that Georgia was on track to end the year with record-breaking economic indicators, as gross domestic product (GDP) was expected to exceed ₾100 billion and nominal GDP per capita to surpass $10,000 for the first time in the country’s history.

“Geostat has released the latest economic indicators, showing 7.6% growth for January-October. As a result, Georgia is highly likely to exceed the International Monetary Fund’s forecast of 7.2% by year’s end”, he stressed.

In his remarks, Kobakhidze noted that the IMF revised its initial projection upward to 7.2%, but “it now appears we will end the year with an even higher figure”.

“In addition, by the end of this year, for the first time in history, Georgia’s total GDP will exceed ₾100 billion GEL, and nominal GDP per capita will surpass $10,000. GDP per capita in purchasing power parity terms will exceed $30,000 for the first time, whereas just eight years ago this figure stood at $10,000”, The PM said.

Kobakhidze concluded by emphasising that the country was developing correctly in every economic direction.

“Accordingly, we will do everything to ensure that growth trends do not slow down and that we maintain a high rate of economic expansion”, he concluded.