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Georgia's economy grows faster than expected in first 9 months

TBILISI
2022-11-01 01:38

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TBILISI, Oct. 31 (Xinhua) -- Georgia's economy grew 8.8 percent in September and a record 10.2 percent in the first nine months of 2022 year on year, the country' national statistics office said on Monday.

Fast growth was observed in various fields including transportation and storage, information and communication and construction, said the agency in a report.

Meanwhile, Georgian Prime Minister Irakli Garibashvili on Monday said the domestic high economic growth rate was expected to be maintained with the year closing with "double-digit figures."

"We are maintaining high economic growth rates amid the current geopolitical challenges and tension. The Georgian economy grew 10.2 percent in the first nine months, which is unprecedented across Europe," he said at the weekly government meeting.

The prime minister added that Georgian exports increased 37.4 percent in the reporting period, while income from exports reached 4 billion U.S. dollars, which is also better than expected.

Recently, the European Bank for Reconstruction and Development has raised its economic growth forecast for Georgia to 8 percent this year, which is significantly higher than the previously predicted 3 percent growth.
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