Georgia's economic growth exceeds IMF forecast in 2025 - PM

TBILISI. Sept 8 (Interfax) - Georgia's economic growth this year has exceeded the rate of 7.3% forecast by the International Monetary Fund (IMF), Georgian Prime Minister Irakli Kobakhidze said.

"Around a month ago, the International Monetary Fund raised the economic growth forecast to 7.3%. We believe that at the rate we are going, we will be able to exceed this forecast," he was quoted as saying at a government meeting on Monday by the bm.ge publication.

"Last month was also a successful one in terms of economic growth. Overall, the economy grew 8% in January-July, not only the highest result in our region, but also in the whole of Europe," Kobakhidze said.

The prime minister also said that the national currency had grown, as well as the country's forex reserves. "In the last seven months, the lari grew by 15 tetri [5.3%] against the dollar, which testifies to the solid position of the economy. The National Bank increased its forex reserves by a record $1.3 billion in March-July. Taking August into account, we can expect this to exceed $1.5 billion and hit a record by the end of the year," he said.

As reported, the IMF raised its GDP growth forecast for Georgia in 2025 from 6% to 7.3% after conducting annual consultations with the country's government in accordance with Article 4 of the IMF charter.

Georgia's economy grew 9.5% in 2024, 7.8% in 2023 and 10.4% in 2022. The Georgian authorities expect GDP will grow by 6% in 2025.

Georgia's GDP grew 8.3% year-on-year in H1, with growth slowing from 9.8% in Q1 to 7.1% in Q2.

According to data from the National Bank of Georgia, forex reserves totaled $5.2 billion on September 1, increasing 17% in 8M. The reserves reached a record of $5.44 billion on July 31, 2023.