Georgian economy grows by 9.7% in 2024 according to revised data - GeoStat
Revised figures from the National Statistics Office (GeoStat) reveal that in 2024, the gross domestic product (GDP) at current prices reached GEL 93,022.3 million, representing a 15.0 percent increase compared to the previous year.
According to GeoStat, real GDP grew by 9.7 percent in 2024 compared to 2023. The GDP deflator’s percentage change for the year was calculated at 4.9 percent.
The agency’s report highlights that the largest shares within the sectoral composition of GDP are held by wholesale and retail trade, including repair of motor vehicles and motorcycles, which accounts for 15.4%, and real estate-related activities at 9.8%.
Other significant sectors include manufacturing at 9.7%, construction at 8.5%, public administration and defence, including compulsory social security, at 6.8%, information and communication at 6.4%, rural forestry and fishing at 6.3%, transport and storage also at 6.3%, and education at 5.6%.
In 2024, compared to the same period in the previous year, notable contributions to growth came from sectors such as wholesale and retail trade; repair of motor vehicles and motorcycles (9.3 per cent), information and communication (24.6 per cent), education (28.2 per cent), public administration and defence, including compulsory social security (15.5 per cent), rural, forestry, and fishing (13.5 per cent), construction (12.2 per cent), and transport and storage (11.2 per cent).
A decline was observed in the electricity, gas, steam, and air conditioning supply sector, which fell by 10.5%.
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Today a settlement agreement was signed with Inter RAO, which will have minimal, almost zero, impact on Georgia’s economy - Levan Zhorzholiani
08.01.2026.22:42
Levan Zhorzholiani, the Head of the Georgian Government Administration, on Thursday said that despite anti-Russian rhetoric in public statements, the former Government under Mikheil Saakashvili transferred strategic energy facilities to the Russian side and imposed higher tariffs on Georgian citizens by its own decision - an approach that was later rejected by the Georgian Dream Government.
In his remarks, Zhorzholiani noted that the Saakashvili administration sold all strategic energy assets, including the transfer of the Khrami hydropower plants to Inter RAO, a Russian company, further pointing out that a Government decree was issued at the time, under which the Georgian Government promised to compensate the Russian side for its investments through increased electricity tariffs.
“The Government also issued a directive promising the Russian side that the increased electricity payments would compensate for the costs they incurred, which, of course, would have burdened Georgian citizens by raising electricity tariffs. The Georgian Dream Government refused to do this. Firstly, because the Government has no authority to set such tariffs; that is the responsibility of the Georgian National Energy and Water Supply Regulatory Commission (GNERC). GNERC set a fair tariff that did not align with Russian interests, which led to arbitration proceedings”, he noted.
“Thanks to the active involvement and efforts of the Ministry of Justice, today a settlement agreement was signed with Inter RAO, which will have minimal, almost zero, impact on Georgia’s economy”, Zhorzholiani continued.
“As for political responsibility, it is clear that a government which publicly declared itself anti-Russian, but in practice acted in the most pro-Russian manner, transferred strategic energy facilities to a Russian company and attempted to impose increased tariffs on its own population - something the Georgian Dream government firmly rejected”, he concluded.