Georgia’s real GDP grew 6.3% year-on-year in May after 2.7% growth in April, according to preliminary data released by Geostat on Monday.

Economy grew 7.1% y/y in the first quarter of 2014, according to Geostat. The government forecasts 5% economic growth in 2014.

Fitch ratings agency said on June 30 that signing of the Association Agreement, also including deep and comprehensive free trade area, with the EU will be “a positive long-term development” for Georgia's sovereign credit profile, but “it does not have an immediate impact on our ratings assessment, which remains focused on the nearer-term prospects for external finances and economic growth.”

Fitch, which expects Georgia’s economy to grow to average 5% in 2014 and 5.5% in 2015, affirmed in May Georgia's sovereign rating 'BB-', three short of investment grade, and plans its next scheduled review on Georgia in October.