In a report by the National Statistics Service of Georgia released on August 31, the country's economy experienced an estimated 5.5% growth in real gross domestic product (GDP) in July 2023 compared to the same time frame in the previous year.
This growth was primarily due to contributions from the finance and insurance, construction, trade, professional, scientific, and technological sectors, while the manufacturing, mining, information, and communication industries experienced a decline.
The report also indicated that according to estimates, the average GDP growth for the first seven months of 2023 was 7.2%.
According to the World Bank, Georgia has made significant strides in economic development over the past ten years. Thanks to effective management practices, the Gross National Income (GNI) per capita has risen from $3,048 in 2010 to $4,608 in 2021 (measured in constant 2015 US dollars), approaching levels seen in the European Union (EU). Furthermore, the poverty rate (based on the national poverty line) has been reduced by over 50% during the same timeframe.
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