March 29, 2019 / 1:17 PM / 3 months ago

Georgia's economic growth slowed to 4.1 pct in Jan-Feb

TBILISI, March 29 (Reuters) - Georgia’s economy expanded 4.1 percent year-on-year in January and February 2019, down from 4.9 percent in the same period of 2018, preliminary data showed on Friday.

In February alone, gross domestic product grew by 4.6 percent after expanding 3.5 percent in January. In February a year ago, GDP grew by 5.5 percent.

The fastest growth in February was registered in the trade, real estate, processing industries and services. Construction declined.

Georgia’s economy expanded 4.7 percent in 2018, down from 5 percent in 2017. The government expects growth this year of at least 5 percent. The International Monetary Fund projects 4.6 percent, with infrastructure spending expected to compensate for weaker external demand and slower credit growth.

Fitch Ratings upgraded Georgia’s long-term foreign currency rating to “BB” from “BB-“ with a stable outlook in February. (Reporting by Margarita Antidze; editing by Larry King)

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