Georgia’s economy grew 4.7% last year, short of government’s 5% forecast, according to preliminary data released by the state statistics agency, Geostat, on Friday.

Real GDP grew 1.9% year-on-year in December, after contracting 0.5% in November, according to preliminary data.

Economy grew 1.6% y/y in the fourth quarter of 2014, after 5.6% y/y growth in the third quarter.

Earlier on January 30, before the release of preliminary data, president of the National bank of Georgia, Giorgi Kadagidze, said that the government should consider downward revision of its 5% economic growth forecast for 2015.