GDP growth in Georgia for 2024 revised up to 9.7%: new Geostat estimate

Georgia’s economy remains one of the fastest-growing in the region, and the updated Geostat figures for 2024 confirm this status. The upward revision reflects the continuation of a long-term trend. For businesses and investors, it means stronger fundamentals supporting sustained interest in the market — from real estate to tourism and financial services.

Final macro indicators

The final estimate of economic growth for 2024 has been revised upward from 9.4% to 9.7%. Nominal GDP reached GEL 93 billion ($34.3 billion), which is 15% higher than in 2023.



Over the year, the economy added more than GEL 12 billion in current prices. GDP per capita rose from GEL 21,800 to GEL 25,100, or from $8,284 to $9,241 in dollar terms. The revision confirms that production, construction and services expanded faster than initially estimated. The correlation between nominal GDP growth (15%) and the deflator (4.9%) indicates that the final result was driven mainly by real expansion rather than price effects.



Data over the past decade confirm the sustainability of the economic trajectory. In 2015, GDP per capita stood at GEL 9,300 (about $4,100), meaning nearly a threefold increase in national currency and more than a twofold rise in dollar terms. The only decline occurred in 2020 due to the pandemic. By 2021 growth had rebounded to 10.6%, followed by 11% in 2022.

Economic structure

In 2024 the largest contribution to nominal GDP came from wholesale and retail trade and vehicle repair — GEL 12.4 billion (15.4%), real estate activities — GEL 7.9 billion (9.8%), manufacturing — GEL 7.8 billion (9.7%), and construction — GEL 6.9 billion (8.5%). Public administration and defense generated GEL 6.5 billion, ICT — GEL 5.2 billion, transport and storage — GEL 5.1 billion. Agriculture and fishing also accounted for GEL 5.1 billion, while education generated GEL 4.5 billion.



Together these sectors provide just over 70% of GDP in current prices. The remaining 25.3% comes from finance, hospitality, professional and creative industries. This structure shows that domestic demand, consumer services and commercial activity play a key role, while industry and construction form the country’s investment framework.

Sector dynamics

In 2024 the strongest real growth was recorded in water supply and waste management (+37.5%), education (+28.2%), and information and communication services (+24.6%). Significant growth was also seen in professional and scientific activities (+19.8%), administrative services (+18.9%) and the public sector (+15.5%). Agriculture moved into positive territory with +13.5%, construction grew by 12.2%, transport — by 11.2%.

Large sectors also maintained positive dynamics: trade expanded by 9.3% after 17.8% a year earlier, and manufacturing grew by 3.9%. The only sector showing a decline was electricity, gas and air-conditioning supply (–10.5%).

Outlook

The World Bank has upgraded its 2025 GDP forecast for Georgia to 7%, 1.5 pp higher than previously. The IMF and Asian Development Bank expect similar figures — around 7% — driven by IT expansion, domestic demand, car re-exports and tourism. Forecasts for neighboring countries are notably lower: Armenia — 5.2%, Turkey — 3.5%, Azerbaijan — 1.9%, Russia — 0.9%.

Inflation in Georgia will remain moderate according to ADB estimates — 4% in 2025 and 3% in 2026. This is supported by a strong lari, fiscal discipline and low public debt (35% of GDP). ADB representative Leslie Berman Lam notes that steady growth proves the country’s potential, which can be further strengthened through infrastructure modernization and structural reforms.

Analysts at International Investment emphasize that real growth combined with a moderate deflator strengthens investor confidence: the economy is expanding due to higher activity rather than price effects. Predictable macro indicators and a diversified economic base create multiple entry points for capital. With tourism flows increasing, the most profitable segment remains hotel real estate: projects under international brands can generate yields of up to 19% per year in hard currency, making Georgia one of the most competitive markets in the region.