There, on Lebedev readings, the author of these lines drew attention ( , 1’06” - 1’10”) on the groundlessness of the main thesis of Yurin’s report about the alleged “ lack of rapid economic growth in Georgia”, formulated based on the first graph from his presentation. This graph turned out to be methodologically incorrect - both for the analyzed time period and for the range of countries considered on it.
If the purpose of the study was to test the thesis about the effectiveness (or ineffectiveness) of the liberal economic policy pursued in Georgia since the administration of Mikheil Saakashvili came to power, then it would be necessary to analyze precisely this period - from the beginning of 2004. Then the period for analysis there should not have been an internally heterogeneous period of 1994-2010, including 9 years under Shevardnadze and 7 years under Saakashvili (as is done on Yurin’s chart), but a period of exclusively Saakashvili’s administration - 2004-2011, from the latter year of the E. Shevardnadze administration (2003) as reference points to the latest year for which relevant data is available (2011).
Secondly, comparing Georgia with only two countries of the South Caucasus is both incorrect and insufficient. Incorrect, because a “head-on” comparison of an oil-importing country (Georgia) with an oil-exporting country that received a colossal grant from the foreign economic situation in an era of rising energy prices (Azerbaijan) gives a distorted, completely unrepresentative picture. Insufficient, because the list of non-energy exporting countries with economies in transition, which have many similar institutional and structural features with Georgia, is not limited to a single country (Armenia), which also regularly receives grants from its diaspora in amounts reaching 15% of GDP annually. To obtain acceptable results, Georgia should also be compared with other transition countries (with the obvious exception, as already noted, of energy exporting countries).
Comparison of cumulative increases in GDP per capita in 2003-2011. (2003 = 100%) in 24 transition countries (with the exception of 4 relatively small energy exporting countries with an exceptionally high share of rental income in the national product - Azerbaijan, Turkmenistan, Kazakhstan, Uzbekistan) allows us to see a completely different picture.
Source: IMF database.
In terms of GDP growth per capita over the past 8 years, Georgia was in 3rd place among 24 comparable transition countries, second only to Belarus and Mongolia.
It is worth paying attention not only to the fact that Georgia, which received relatively modest external assistance in these years (in the amount of 0.6 to 3.2% of GDP), was ahead in terms of economic growth and Armenia, which received huge grants from its diaspora (approximately 15% of GDP annually), and Russia, which in these years received unimaginable gifts from foreign economic conditions in the amount of up to 30% of GDP annually. It should also be noted that Georgia was the only country from this list of transition countries that was subjected to an attack by a nuclear superpower during the indicated period (2003-2011), massive bombing of the entire territory of the country, a fifth of which was then occupied by the aggressor’s troops.
On the eve of the Russian attack, in 2007, the growth rate of GDP per capita in Georgia reached 12.5% per year. As a result of foreign intervention and the occupation of part of its territory, the annual growth rate of GDP per capita in Georgia fell to 2.6% in 2008 and to minus 3.8% in 2009. If the economic growth that had unfolded in the country thanks to liberal reforms , carried out under the leadership of Kakha Bendukidze, would not have been interrupted by the Russian-Georgian war, then Georgia would most likely have had double-digit GDP growth rates in both 2008 and 2009. Then the cumulative increase in GDP per capita over eight years would most likely exceed the actual result by about two dozen percentage points. And then, in the above list of 24 non-energy exporting countries with economies in transition, Georgia would most likely be in second place.
But even the actually obtained (and, therefore, more modest) results of Georgia’s economic development, which were influenced by both war and the global crisis, cannot but impress: over the past 8 years, GDP per capita in the country has grown by an average of 5.6% annually . For comparison: in Russia, which has not been subjected to foreign military attack and is awash in petrodollars, the corresponding figure was only 4.6%.
So it must be admitted that the above-mentioned thesis about “failed rapid economic growth” is fundamentally incorrect. Despite difficult external circumstances (war and crisis), over the past 8 years Georgia has achieved higher rates of economic growth than in 21 transition countries out of 24. Such results would have been completely impossible if liberal economic policies had not been pursued in Georgia, if in it, even in the pre-war and pre-crisis times, viable liberal institutions would not have been created, which not only passed the test of both war and crisis, but also largely saved the country in difficult times.
During 1990-2018. Georgia's GDP at current prices increased by $8.7 billion (by 98.2%) to $17.6 billion; the change occurred by -$2.5 billion due to a drop in population by 1.5 million, as well as by $11.2 billion due to an increase in GDP per capita of $2,863.0. The average annual growth of Georgia's GDP amounted to 0.31 billion dollars or 2.5%. The average annual growth of Georgia's GDP in constant prices was -0.0050%. The world share decreased by 0.018%. The share in Asia decreased by 0.10%. The minimum GDP was in 1994 ($2.7 billion). The maximum GDP was in 2014 ($17.6 billion).
During 1990-2018 GDP per capita in Georgia increased by $2,863.0 (2.7 times) to $4,504.0. The average annual growth of GDP per capita at current prices was $102.3 or 3.7%.
The change in Georgia's GDP is described by a linear correlation-regression model: y=0.56x-1 111.9, where y is the estimated value of Georgia's GDP, x is the year. Correlation coefficient = 0.852. Determination coefficient = 0.726.
Georgian GDP, 1990
Georgia GDP in 1990 amounted to 8.9 billion dollars, ranked 91st in the world and was at the level of the GDP of Sri Lanka (9.4 billion dollars), the GDP of Uruguay (9.2 billion dollars). The share of Georgia's GDP in the world was 0.039%.
In 1990 it amounted to $1,641.0, ranked 115th in the world and was at the level of GDP per capita in Poland ($1,738.0), GDP per capita in Bosnia and Herzegovina ($1,737.0), GDP per capita in Romania ( $1,728.0), GDP per capita in Iran ($1,714.0), GDP per capita in Tonga ($1,703.0), GDP per capita in the Marshall Islands ($1,675.0), GDP per capita in Colombia ($1 $645.0), GDP per capita in Tunisia ($1,642.0), GDP per capita in Micronesia ($1,639.0), GDP per capita in Thailand ($1,563.0). GDP per capita in Georgia was less than GDP per capita in the world ($4,317.0) by $2,676.0.
Comparison of GDP of Georgia and its neighbors in 1990. Georgia's GDP was greater than the GDP of Azerbaijan ($6.5 billion) by 36.2%, the GDP of Armenia ($2.3 billion) by 3.9 times, but was less than the GDP of Russia ($574.1 billion) by 98.5%, Turkey's GDP ($207.4 billion) by 95.7%. GDP per capita in Georgia was greater than GDP per capita in Azerbaijan ($900.0) by 82.3%, GDP per capita in Armenia ($651.0) by 2.5 times, but was less than GDP per capita in Russia ( 3,890.0 dollars) by 57.8%, GDP per capita in Turkey ($3,847.0) by 57.3%.
Comparison of Georgia's GDP and leaders in 1990. Georgia's GDP was less than the US GDP ($5,963.1 billion) by 99.9%, Japan's GDP ($3,132.8 billion) by 99.7%, Germany's GDP ($1,771.6 billion) by 99.5%, France's GDP ($1,269.1 billion) by 99.3%, Italian GDP ($1,176.4 billion) by 99.2%. GDP per capita in Georgia was less than GDP per capita in Japan ($25,160.0) by 93.5%, GDP per capita in the USA ($23,614.0) by 93.1%, GDP per capita in Germany ($22,392.0 ) by 92.7%, GDP per capita in France ($21,685.0) by 92.4%, GDP per capita in Italy ($20,593.0) by 92%.
Georgia's GDP potential in 1990. With a GDP per capita at the same level as Japan's GDP per capita ($25,160.0), Georgia's GDP would be $136.1 billion, which is 15.3 times its actual level. With per capita GDP at the same level as world GDP per capita ($4,317.0), Georgia's GDP would be $23.4 billion, which is 2.6 times its actual level. With a GDP per capita at the same level as Russia's best neighbor ($3,890.0), Georgia's GDP would be $21.0 billion, 2.4 times its actual level. With a GDP per capita at the same level as West Asia's GDP per capita ($3,697.0), Georgia's GDP would be $20.0 billion, which is 2.3 times its actual level. With a GDP per capita at the same level as Asia's GDP per capita ($1,732.0), Georgia's GDP would be $9.4 billion, which is 5.5% more than the actual level.
Georgia GDP, 2018
Georgia GDP in 2018 was 17.6 billion dollars, ranked 118th in the world and was at the level of the GDP of Botswana (18.6 billion dollars), the GDP of Laos (18.0 billion dollars), the GDP of North Korea (17.5 billion dollars), Mali's GDP ($17.2 billion), Gabon's GDP ($17.0 billion), Syria's GDP ($16.6 billion). The share of Georgia's GDP in the world was 0.021%.
GDP per capita in Georgia in 2018 was $4,504.0, ranked 124th in the world and was at the level of GDP per capita in Azerbaijan ($4,730.0), GDP per capita in Tonga ($4,625.0), GDP per capita in Guatemala (4,550.0 dollars), GDP per capita in Kosovo ($4,538.0), GDP per capita in Jordan ($4,264.0), GDP per capita in Sri Lanka ($4,245.0), GDP per capita in Armenia ($4,237.0 ), GDP per capita in Samoa ($4,216.0). GDP per capita in Georgia was less than GDP per capita in the world ($11,230.0) by $6,726.0.
Comparison of GDP of Georgia and its neighbors in 2018. Georgia's GDP was greater than Armenia's GDP ($12.4 billion) by 41.6%, but was less than Russia's GDP ($1,660.5 billion) by 98.9%, Turkey's GDP ($771.4 billion) by 97.7% , Azerbaijan's GDP ($46.9 billion) by 62.5%. GDP per capita in Georgia was greater than GDP per capita in Armenia ($4,237.0) by 6.3%, but was less than GDP per capita in Russia ($11,534.0) by 61%, GDP per capita in Turkey ($9,416.0) by 52.2%, GDP per capita in Azerbaijan ($4,730.0) by 4.8%.
Comparison of Georgia's GDP and leaders in 2018. Georgia's GDP was less than the US GDP ($20,580.2 billion) by 99.9%, China's GDP ($13,608.2 billion) by 99.9%, Japan's GDP ($4,971.3 billion) by 99.6%, Germany's GDP ($3,949.5 billion) by 99.6%, UK GDP ($2,855.3 billion) by 99.4%. GDP per capita in Georgia was less than GDP per capita in the USA ($62,981.0) by 92.8%, GDP per capita in Germany ($47,993.0) by 90.6%, GDP per capita in the UK ($42,889.0) ) by 89.5%, GDP per capita in Japan ($39,087.0) by 88.5%, GDP per capita in China ($9,617.0) by 53.2%.
Georgia's GDP potential in 2018. With a GDP per capita at the same level as the US GDP per capita ($62,981.0), Georgia's GDP would be $246.1 billion, which is 14.0 times its actual level. With a GDP per capita at the same level as West Asia's GDP per capita ($12,038.0), Georgia's GDP would be $47.0 billion, which is 2.7 times its actual level. With a GDP per capita at the same level as Russia's best neighbor ($11,534.0), Georgia's GDP would be $45.1 billion, 2.6 times its actual level. With per capita GDP at the same level as world GDP per capita ($11,230.0), Georgia's GDP would be $43.9 billion, which is 2.5 times the actual level. With a GDP per capita at the same level as Asia's GDP per capita ($7,006.0), Georgia's GDP would be $27.4 billion, which is 55.6% more than the actual level.
| year | GDP, billion dollars | GDP per capita, dollars | GDP, billion dollars | GDP growth, % | share of Georgia, % | ||
|---|---|---|---|---|---|---|---|
| current prices | constant prices 1990 | in the world | in Asia | in Western Asia | |||
| 1990 | 8.9 | 1 641.0 | 8.9 | 0.039 | 0.16 | 1.6 | |
| 1991 | 7.2 | 1 344.0 | 7.0 | -21.3 | 0.030 | 0.12 | 1.3 |
| 1992 | 4.1 | 774.0 | 3.9 | -44.5 | 0.016 | 0.061 | 0.69 |
| 1993 | 3.0 | 570.0 | 2.7 | -29.3 | 0.011 | 0.039 | 0.48 |
| 1994 | 2.7 | 532.0 | 2.5 | -10.4 | 0.0097 | 0.033 | 0.48 |
| 1995 | 2.8 | 566.0 | 2.5 | 2.6 | 0.0091 | 0.031 | 0.43 |
| 1996 | 3.2 | 652.0 | 2.8 | 11.3 | 0.010 | 0.036 | 0.44 |
| 1997 | 3.7 | 757.0 | 3.1 | 10.5 | 0.012 | 0.043 | 0.48 |
| 1998 | 3.8 | 788.0 | 3.2 | 3.1 | 0.012 | 0.048 | 0.50 |
| 1999 | 2.9 | 617.0 | 3.3 | 2.9 | 0.0090 | 0.034 | 0.38 |
| 2000 | 3.2 | 681.0 | 3.3 | 1.8 | 0.0096 | 0.034 | 0.36 |
| 2001 | 3.4 | 725.0 | 3.5 | 4.8 | 0.010 | 0.038 | 0.42 |
| 2002 | 3.6 | 772.0 | 3.7 | 5.5 | 0.010 | 0.039 | 0.41 |
| 2003 | 4.2 | 917.0 | 4.1 | 11.1 | 0.011 | 0.042 | 0.42 |
| 2004 | 5.4 | 1 189.0 | 4.3 | 5.8 | 0.012 | 0.048 | 0.44 |
| 2005 | 6.7 | 1 503.0 | 4.8 | 9.6 | 0.014 | 0.054 | 0.45 |
| 2006 | 8.1 | 1 836.0 | 5.2 | 9.4 | 0.016 | 0.061 | 0.47 |
| 2007 | 10.7 | 2 437.0 | 5.9 | 12.6 | 0.018 | 0.070 | 0.52 |
| 2008 | 13.5 | 3 101.0 | 6.0 | 2.4 | 0.021 | 0.076 | 0.53 |
| 2009 | 11.3 | 2 642.0 | 5.8 | -3.7 | 0.019 | 0.063 | 0.52 |
| 2010 | 12.2 | 2 893.0 | 6.2 | 6.2 | 0.018 | 0.058 | 0.48 |
| 2011 | 15.1 | 3 622.0 | 6.6 | 7.4 | 0.021 | 0.062 | 0.50 |
| 2012 | 16.5 | 4 014.0 | 7.0 | 6.4 | 0.022 | 0.064 | 0.51 |
| 2013 | 17.2 | 4 249.0 | 7.3 | 3.6 | 0.022 | 0.066 | 0.51 |
| 2014 | 17.6 | 4 415.0 | 7.6 | 4.4 | 0.022 | 0.065 | 0.52 |
| 2015 | 15.0 | 3 784.0 | 7.8 | 3.0 | 0.020 | 0.056 | 0.51 |
| 2016 | 15.1 | 3 857.0 | 8.1 | 2.9 | 0.020 | 0.055 | 0.51 |
| 2017 | 16.2 | 4 152.0 | 8.5 | 4.8 | 0.020 | 0.055 | 0.52 |
| 2018 | 17.6 | 4 504.0 | 8.9 | 4.8 | 0.021 | 0.055 | 0.54 |
Picture. Georgia GDP, 1990-2018
Picture. GDP per capita in Georgia, 1990-2018
Picture. GDP growth in Georgia, 1990-2018
Georgia's GDP by expenditure
| Index | 1990 | 2000 | 2010 | 2018 | |
|---|---|---|---|---|---|
| Consumer spending | 79.9 | 95.3 | 96.5 | 82.5 | |
| incl. | Household expenses | 63.2 | 89.2 | 81.2 | 69.3 |
| Government spending | 16.8 | 6.2 | 15.3 | 13.2 | |
| Private investment | 30.6 | 25.3 | 20.5 | 28.1 | |
| Net exports | -5.7 | -15.9 | -17.0 | -10.6 | |
| GDP | 100.0 | 100.0 | 100.0 | 100.0 | |
Comparison of GDP of Georgia and neighboring countries
| A country | 1990 | 2000 | 2010 | 2018 |
|---|---|---|---|---|
The standard of living in Georgia cannot be called high. The older generation of people, who perfectly remember the times of the Soviet Union, often look with longing at the once fraternal countries. Success or, conversely, failure is sometimes experienced as one’s own. And no matter how they try to escalate the situation, it is impossible to quarrel between peoples who once lived in perfect harmony. Today Georgia is trying to find its way. There are plenty of problems in this country, but they are gradually being resolved.
Panoramic view of evening Tbilisi
One of the pressing problems, along with unemployment, is prices in Georgia.
Many young Russian citizens do not have particularly warm feelings towards these neighbors. 
In many ways, this situation has developed due to the picture in the media. For some reason, Russians are told that in Georgia they can get caught even for daring to think in Russian, although this, of course, is far from the case.
Many Georgians themselves willingly speak Russian, and one can only envy their sincerity and hospitality. What is presented almost as “Georgian Nazism” is often just a desire to preserve one’s own national identity.
Today, many cultural centers have been created in Georgia, where both Georgian and Russian art are actively studied. So tension exists only in the relations of those in power, and no one has yet canceled the friendship of peoples.
Economic situation
Unfortunately, today life in Georgia in 2020 cannot be called prosperous. According to the latest statistics, in terms of GDP per capita, Georgia is in last place in the region.
Dynamics of GDP growth in Georgia over the past twenty years
According to experts, these data indicate an almost critical situation as a whole.
One of the most serious problems of this proud and hospitable country is almost mass unemployment. , given the low standard of living, it is difficult, and staying in place is also not easy. Fortunately, today there are more and more entrepreneurs from Russia and other countries who are creating jobs.
The country's authorities invite good specialists in the field of IT and agriculture to cooperate. The latter is especially relevant, since the situation there is practically stalemate. Unfortunately, young people do not strive to become the “salt of the earth”, but mainly want to become a lawyer or economist.
Statistics say that today there are about 35 percent of people with official income. And this is if we take into account only large cities.
Detailed map of the administrative divisions of Georgia showing all major cities
In small settlements, including villages and towns, the standard of living is noticeably lower, and the situation is even more frightening. The Georgian province is disheartening with its poverty.
More than 70% of rural residents are forced to live from subsistence farming. According to some experts, the real Middle Ages reign there, when one product is simply exchanged for another.
It is noteworthy that the country's authorities do not consider them officially unemployed. The highest unemployment rate is observed among young people aged 25 - 35 years. Unable to find employment in their homeland, many young people from other countries. But most older people often have an average stable income.
Pension issue
In 2020, according to the new law, the level of pension payments will be increased. This affected older pensioners. 
Now people who have crossed the sixty-year mark will receive a pension in the amount of 160 lari, i.e. 68 US dollars. The last time the level of pension payments was increased was two years ago. At that time, the pension in Georgia was 150 lari.
The country's authorities note that very soon pensions in Georgia will be doubled. For this, according to experts, about thirty million lari are needed, which equals approximately 12.7 million US dollars per year. This point was provided for in the Georgian budget. To date, the number of people of retirement age has been increased by seventeen thousand people.
Statistics say that today the number of Georgian pensioners varies around 703 thousand people. Retirement age in Georgia begins at sixty-five years for men and sixty for women.
Salaries
Table comparing wages in Georgia with other CIS countries
At that time, the official income of a public sector employee did not even reach 100 US dollars. In 2020, wages increased slightly. Particular attention was paid to doctors and education specialists.
The average salary level is as follows:
- Finance - 1477 GEL.
- State management - 1046 GEL.
- Transport sector - 875 GEL.
- Industry - 843 GEL.
- Construction sector - 812 GEL.
- Trade sector (retail) - 665 GEL.
- Social services - 568 GEL.
- Medical field - 508 GEL.
- Catering and hotels - 480 GEL.
- Agriculture - 364 GEL.
- Education - 323 GEL.
The level has increased largely due to foreign investment in the economy.
Chart of dynamics of agricultural indices in Georgia
In 2020, many Russian and foreign companies operate in Georgia.
Tax system
Today, on the territory of Georgia there are national taxes, which are:
- taxes on profits - fifteen percent;
- income tax - twenty percent;
- VAT - eighteen percent;
- customs taxes.
Local taxes also operate on the territory of the republic. Today, property tax for various organizations is as follows:
- Georgian entrepreneurs undertake to pay one percent of the book value;
- foreign entrepreneurs undertake to pay one percent of the value of property located on the territory of the Georgian state;
- owners of organizations undertake to pay one percent of the value of key assets.
- Young local potatoes cost one lari.
- Cucumbers - from one to 1.2 lari.
- Pink tomatoes - two lari.
- Meaty tomatoes - 1.3 GEL.
- Greens (basil) - ten tetri.
Baking cost
It's no secret that Georgia is famous for its amazingly delicious baked goods. Particularly popular is the legendary Georgian lavash, which can be served with barbecue or eaten as an independent dish.
In 2020, prices for bakery products are as follows:
- Lavash costs 0.8 lari.
- Lobiani - one lari.
- Khachapuri - 1.5 GEL.
Those with a sweet tooth can please themselves with delicious pastries, the price of which does not exceed 2 GEL.
The cost of the most popular sweet pastries among visitors is as follows:
Cheese cost
To visit Georgia and not try the legendary cheese is a real crime. Georgians often treat their guests to this particular product, the cost of which compares favorably with the price on the Russian market.
So, one kilogram of Suluguni cheese can be bought for 7 - 8 lari. One kilogram of imeruli cheese, which is somewhat reminiscent of feta cheese, can be purchased for 5 - 6 lari.
Restaurant in Tbilisi with mountain views
If a person who arrives in Georgia has free time and wants to save money, it is still better to cook food on his own.
Features of the transport system
Transport in Georgia consists of electrified railways and roads. The total length of roads is 2,700 kilometers.
On the streets of Georgia, right-hand traffic prevails. It is important to take into account the specifics of this country and carefully prepare for a road trip. Fans of road travel will probably be pleased to know that in 2020 all the roads are not just good, they are in excellent condition.
This is explained by the so-called road revolution, when old routes were significantly expanded and strengthened, and new roads were built in the mountains. A special contrast will be noticeable if you enter the territory of Georgia from Armenia. The condition of the roads there is close to critical.
Section of the road on the Tbilisi – Kazbegi highway
Today, a magnificent four-lane highway is being built in Georgia. Now the section of the route from Tbilisi to Gori is almost completed. It is planned to complete the highway to Gori.
Alas, sometimes it seems that the rules of the road are not written for everyone. Sometimes drivers resemble Bedouins on camels, who don’t care what color, green or red, the traffic light is on - the main thing is to turn. Of course, Georgia is far from the chaos that reigns on Indian roads, but the situation cannot be called rosy.
Pedestrians who strive to cross the road in any place, even the least suitable one, are also insufficiently organized. It is not uncommon, especially in provincial towns, for cattle to be driven across the roadway, despite traffic lights.
The lighting on the roads is often simply disgusting, which provokes emergency situations. 
The situation with the so-called “gasoline chaos” continues to remain difficult, when fuel of rather questionable quality was sold on the roads.
Education
The Georgian education system was formed thanks to unique, original principles. The most famous center, which can safely be called the source of Georgian education, was created in the seventeenth century. Residents of Georgia even today treat the Gelati Monastery with reverence, which began functioning around the same time.
Alas, at the beginning of the twentieth century, most of the inhabitants of the republic were illiterate. It took a lot of effort and time to eliminate illiteracy, and by the beginning of the eighties this problem was solved. Today, the majority of Georgian schools (75 percent) teach in the state language. In higher education, 100% teaching is in Georgian.
Modern computer class at the Georgian school
Today, schools and preschool institutions in the country are faced with one of the most serious problems - lack of funding. Difficulties in financing primarily hit preschool institutions. In this regard, the number of children attending kindergarten has decreased in a relatively short period of time. The parents of the children were simply unable to pay the monthly amount of $14.
In recent years, private educational schools have begun to appear across the country. This cannot be called a positive factor, since the cost of education in private schools is not affordable for all residents of the country. However, municipal schools are not giving up.
They are actively looking for sponsors both abroad and in their home state. A rather difficult situation is observed in higher education. The structure of higher educational institutions is strictly divided into commercial and public.
Building of the Georgian Technical University
The number of students seeking to enroll in private universities far exceeds the number of young people who have the opportunity to study at public universities. This leads to state universities opening licensed educational centers and providing services privately. This is especially true for economic and political specialties.
The country's authorities have found a rather original and bold solution. Today, new universities are opening, suggesting a founding partnership with Western colleagues. The key pitfall here is the lack of financial stability. That is, tuition fees will not only not gradually decrease, but on the contrary, over time it will be possible to observe its rather intensive growth.
In short, the education system is not going through the best of times. We can only hope for the wisdom of the current authorities, who promised to do everything to ensure that the situation in education is stabilized.
TBILISI, March 22 – Sputnik. Georgia's GDP growth in 2018 was 4.7% compared to 2017, according to the materials of the National Statistics Service of Georgia "Sakstat" (Gruzstat).
In July 2018, the National Bank of Georgia forecast the growth of the Georgian economy at 5.5%. The IMF mission, which visited Georgia in October 2018, gave its forecast of economic growth - 5%.
Spheres - leaders in growth
The following areas showed the greatest growth in 2018: financial activities, provision of communal, social and personal services, real estate transactions.
TOP 5 sectors of the Georgian economy by growth in 2018
| Economic sphere | Growth - in % |
| Financial activities | 13,5 |
| Providing communal, social and personal services | 13,2 |
| Real estate transactions | 12,1 |
| Hotels and restaurants | 9,7 |
| Transport | 9,4 |
The largest decline was recorded in the construction sector (-3.1%).
In the structure of GDP, the sectors of trade, industry, transport and communications have the largest share.
Leaders by share in the GDP structure for 2018
Growth forecasts for the current year
The IMF forecasts Georgian economic growth in 2019 at 4.6%. However, the fund noted that significant investment in infrastructure is expected to offset lower external demand and slower lending growth.
The World Bank forecasts Georgian economic growth in 2019 at 5%, and in subsequent years at 5.1%. In addition, the World Bank noted that Georgia will be the country with the fastest growing economy.
Meanwhile, according to the 2019 state budget, the economic growth forecast is 4.5%. As for the forecast for the next years, it is assumed that already in 2022 economic growth will be 6%.
According to the National Bank of Georgia, the main reasons for the growth of the country's economy are an increase in exports, tourism income and remittances from abroad.
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