Georgia's economy slows in H1 from last year

Jul 31, 2015 12:00 AM

Georgia's economic growth slowed to 2.6 percent in the first half of this year compared with 6 percent in the same period last year, the National Statistics service said.

Gross domestic product grew 4.7 percent last year, missing the government's initial forecast of 6 percent.

The former Soviet republic's economy is suffering the side-effects of a plunge in the Russian rouble. Georgia, which is traversed by pipelines carrying Caspian oil and gas from Azerbaijan to Europe, has also suffered a decline in exports and remittances and the government deficit is rising.

Growth slowed each month of the first half: to 3.1 percent this June from 6.4 percent a year ago, to 2.1 percent in May from 6.3 percent, to 0.9 percent in April from 2.7 percent, to 4.3 percent in March from 8.3 percent, 4.9 percent in February from 5.4 percent and to 0.5 percent in January from 7.8 percent.

The Georgian parliament confirmed the government's decision to halve the country's growth forecast for this year to 2.0 percent from 5 percent, and decided to reduce budget spending by 160 million lari ($70.5 million), pointing to serious problems in the economy. ($1=2.27 lari)

 

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