Georgia’s real GDP grew 5.3% year-on-year in November, according to preliminary data released by the state statistics office, Geostat, on Wednesday.

Economy grew 3% y/y in the first eleven months of this year. GDP growth in the same period of last year stood at about 5%.

In July the government cut economic growth forecast from 5% to 2% for 2015. Next year’s forecast stands at 3%.

The International Monetary Fund (IMF) also expects Georgia’s economy to grow 3% next year, but IMF also said in early December that this forecast is subject to downside risks, mainly from further economic deterioration in Georgia’s trading partner economies.

Georgia’s new PM Giorgi Kvirikashvili, who was approved on the post by the Parliament in a vote overnight on Wednesday, told lawmakers during confirmation hearings that making “breakthrough” in economic development would be his priority. He also named encouraging “entrepreneurial spirit” through government-funded programs to help startups and easing “bureaucratic burden” for businesses among his priorities.