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Georgian economic growth accelerates to 5 pct y/y in Q1
April 28, 2017 / 3:45 PM / 7 months ago

Georgian economic growth accelerates to 5 pct y/y in Q1

TBILISI, April 28 (Reuters) - Georgia’s economic growth accelerated to 5 percent year-on-year in the first quarter of 2017 from 2.3 percent in the same period a year ago, the National Statistics Service said on Friday, helped by a rise in exports and by remittances from Georgians living abroad.

In March alone, growth was 5.3 percent, up from 3.4 percent in March 2016 and from 4.4 percent in February 2017.

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

Georgia’s economy expanded by 2.2 percent last year, down from 2.9 percent in 2015.

The government in Tbilisi expects the economy to grow by 4 percent in 2017. (Reporting by Margarita Antidze; Editing by Mark Trevelyan)

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