November 29, 2019 / 8:38 AM / 2 months ago

Georgian economy grows 5.1% year on year in Jan-Oct

TBILISI, Nov 29 (Reuters) - Georgia’s economy expanded 5.1% year on year in the first 10 months of 2019, matching the same period of 2018, preliminary data showed on Friday.

Gross domestic product grew by 5.7% in October, down from 6.7% in the same month last year but up from September’s 5.2% year-on-year reading.

Among sectors showing the fastest growth were food processing, real estate, construction, information technology and hospitality, while there were declines for the metallurgy and entertainment sectors.

Georgia’s economy expanded 4.8% in 2018.

The government expects growth this year of at least 5%, though central bank governor Koba Gvenetadze told Reuters in September that GDP might drop to 4.5% because of a dispute with neighbouring Russia and anti-government protests.

Fitch Ratings in August revised its growth forecast for Georgia down to 4.3% from a previous estimate of 4.6%, citing a ban on direct flights from Russia, imposed by Moscow in July.

Moody’s rating agency affirmed Georgia’s Ba2 rating in September with a stable outlook. (Reporting by Margarita Antidze Editing by David Goodman)

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