The economy continued strong growth, with real GDP increasing by 7.0% in May 2023, following a 7.5% growth in previous month. Overall, in 5M23, growth came in at 7.5%. 

The expansion in May was primarily driven by construction, ICT, trade, financial, transportation and storage sectors, while the manufacturing and real estate sectors experienced contraction.

In light of the faster-than-expected reduction in the GDP deflator and upward revision of 1Q growth figure, we expect GDP growth at 6.8% in 2023, revised upwards from the previous projection of 5.8%.

Source: commersant.ge