In July, the preliminary estimates from the National Statistics Service revealed noteworthy economic trends when compared to the corresponding period in the prior year. Notably, there was a substantial 5.5 percent increase in the growth of the real gross domestic product (GDP). Looking at the broader picture, the average growth for the initial seven months of 2023 stood at 7.2 percent.
Specific sectors played pivotal roles in this growth during July 2023. These sectors included financial and insurance activities, construction, trade, as well as professional, scientific, and technical activities. In contrast, a decline was evident in the processing and mining industry, alongside the information and communication sectors.
Turning attention to foreign trade in goods for the period of January to July, a clear pattern emerged:
– Exports of goods (FOB) summed up to 3.5 billion US dollars, marking a robust increase of 15.9 percent in comparison to the same interval in the previous year.
– On the import side, the value of imported goods (CIF) reached 8.5 billion US dollars, reflecting a noteworthy rise of 19%.
– The total foreign trade turnover surged to 12.1 billion US dollars, signifying a substantial 18% increase.
By Mariam Gorkhelashvili
