The Fastest Growing Economies In The Region

The Fastest Growing Economies In The Region

ISET predicts GDP growth of 3.4% in Georgia in the first quarter of 2018. According to the research institute, the growth rate of real GDP in 2017 was the highest in the last 5 years, which was facilitated by increased export and domestic factors.

From the countries of the region, the growth of the Armenian economy that totaled 7.7% was one of the most impressive. For comparison, in 2016 Armenia’s economy grew by just 0.2%.

Russia’s annual GDP growth amounted to 1.5%.

Azerbaijan also got out of a recession and the country’s economy grew by 0.1% last year. The accurate data on how much Turkey’s economy increased has not been published in 2017, although the World Bank’s recent forecast  showed  that Turkey’s GDP growth rate was 6.7% in 2017.

According to ISET, one of the factors hindering economic growth in Georgia has been the increased customer price index. In its turn, increased excise tax for certain goods and growing oil prices in the world were named as the reason for growing inflation.

In December, Georgia’s export increased by 49% annually. “Improvement of trade statistics is mainly related to improved economic indicators in the region. China also significantly contributed to the increase of export. The only product, export of which reduced in December, was hazelnut,” – reports ISET. Besides, ISET points out that more oversight is needed for the increase of consumer loans, which may possibly negatively influence the banking system as well as long-term economic growth.

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