TBILISI, April 30 (Reuters) - Georgia’s economy expanded 4.7 percent year-on-year in the first quarter of 2019, down from 5.2 percent in the same period of 2018, preliminary data showed on Tuesday.
In March alone, gross domestic product grew by 6 percent compared with March 2018, after expanding 4.6 percent year-on-year in February. In March a year ago, GDP grew by 5.6 percent year-on-year.
The fastest growth in March was registered in trade, transport, real estate 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 Peter Graff)