September 10, 2018 / 12:12 PM / 3 months ago

Georgia's economy grows 5.5 pct yr/yr in Jan-July, up from 2017

TBILISI, Sept 10 (Reuters) - Georgia’s economic growth accelerated in the first seven months of 2018, rising 5.5 percent year-on-year compared with 4.4 percent in the same period of 2017, preliminary data showed on Monday.

Growth in July alone was 4.6 percent year-on-year, up from 4 percent in June and from 3.8 percent a year earlier.

The former Soviet republic hosts pipelines carrying Caspian oil and gas to Europe. Georgia is recovering from a decline in exports and a plunge in the currencies of its main trading partners, which have depressed economic growth in recent years.

In 2017 Georgia recorded growth of 5 percent as exports recovered and remittances from abroad rose. The fastest growing sectors were the processing industry, services and real estate.

The government expects growth of 4.5 percent in 2018 overall. (Reporting by Margarita Antidze; editing by Mark Heinrich)

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