PM highlights 8% growth, forecasts record GDP

Georgia’s Prime Minister, Irakli Kobakhidze, has hailed the country’s “strong economic performance”, stressing that Georgia was on track to record 8% growth this year despite what he described as a “negative campaign” at the start of 2024.

Speaking at the Georgian Business Association’s annual conference, Kobakhidze said that recent figures from the European Bank for Reconstruction and Development (EBRD) confirmed Georgia continues to lead the wider region in terms of economic growth.

“Despite predictions of decline earlier this year, Georgia has maintained high growth - 8%, the highest in Europe and the broader region,” the prime minister said. “This shows that Georgia has a sound economic policy, low corruption, and strong institutions, setting us apart from countries with much lower growth rates.”

Kobakhidze underlined that Georgia’s gross domestic product was expected to exceed 100 billion lari (around $37 billion) by the end of the year, with GDP per capita surpassing $10,000 for the first time - a “milestone” he described as “symbolic and significant.”

He also pointed to employment gains, noting that between 2022 and 2024 the number of employed people in Georgia rose by 185,000, while the average monthly salary increased to 2,200 lari, up from about half that figure in 2021.

The prime minister said the government’s priority was to sustain current growth rates to further strengthen Georgia’s position and improve the population’s standard of living. “Challenges remain, but at this pace we believe Georgia will, in the medium term, come as close as possible to European standards of economic prosperity.”