April 30, 2019 / 11:07 AM / 3 months ago

Georgia's economic growth slowed to 4.7 pct yr/yr in Q1

TBILISI, April 30 (Reuters) - Georgia’s economy expanded 4.7 percent year-on-year in the first quarter of 2019, down from 5.2 percent in the same period of 2018, preliminary data showed on Tuesday.

In March alone, gross domestic product grew by 6 percent compared with March 2018, after expanding 4.6 percent year-on-year in February. In March a year ago, GDP grew by 5.6 percent year-on-year.

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

Georgia’s economy expanded 4.7 percent in 2018, down from 5 percent in 2017. The government expects growth this year of at least 5 percent. The International Monetary Fund projects 4.6 percent, 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 Peter Graff)

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