Oil report

Georgia's economic growth slows to 4.9% yr/yr in Jan-May

TBILISI, June 28 (Reuters) - Georgia’s economy expanded 4.9% year-on-year in the first five months of 2019, down from 6.1% in the same period of 2018, preliminary data showed on Friday.

In May gross domestic product grew by 4.7% compared with the same month a year ago, after expanding 5.1% year-on-year in April. In May 2018 GDP had grown by 7.5% year-on-year.

The fastest growth in May was registered in trade, transport, real estate and services. Construction and processing industry declined.

Georgia’s economy expanded 4.7% in 2018, down from 5% in 2017. The government expects growth this year of at least 5%.

The International Monetary Fund projects growth of 4.6% this year, with infrastructure spending expected to compensate for weaker external demand and slower credit growth.

Fitch Ratings upgraded Georgia’s long-term foreign currency rating to “BB” from “BB-” with a stable outlook in February. (Reporting by Margarita Antidze; Editing by Toby Chopra)