Real GDP growth was 5.5% y/y in Jul-23
Georgia’s economic growth slowed to 5.5% y/y in Jul-23 from the previous month’s robust 7.7% y/y increase. Cumulatively, real growth came in at 7.2% y/y in 7M23. The growth in July was driven primarily by the financial, construction, trade and professional, scientific-technical sectors, while the manufacturing, mining and ICT sectors experienced a contraction. We expect GDP growth at 6.8% for the full year 2023 (see more here).