GDP Q1 Report Shows 4.5% Growth
Civil Georgia, Tbilisi / 25 Jun.'10 / 01:29

Georgia's real GDP grew 4.5% in the first quarter of 2010 year-on-year, from nominal USD 2.327 billion to USD 2.47 billion, an official statistics office, Geostat, said on June 24.

Per capita GDP was GEL 958.6, or USD 556.9 in January-March of 2010 - the highest in the first quarters of last five years, according to Geostat.

Trade and industry made up about a third of the country's GDP (16% each) in the first quarter, followed by transport and communication (13%), government spending (11%) and agriculture (10%).

The Georgian government has revised economic growth forecast upward from initially expected 2% to 4.5% and the Parliament passed amendments to the 2010 state budget on June 18 increasing expenditures by GEL 230 million. The government said increase in expenditures was made possible due to additional GEL 150 tax revenue and expected international donor fundings, mainly from the EU.

Geostat reported in mid-June about 41.5% year-on-year decrease in foreign direct investments in the first quarter of 2010 to USD 75.7 million.

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