June 4, 2019 / 4:28 PM / 12 days ago

Georgia's economic growth slows to 4.8% yr/yr in Jan-Apr

TBILISI, June 4 (Reuters) - Georgia’s economy expanded 4.8% year-on-year in the first four months of 2019, down from 5.5% in the same period of 2018, preliminary data showed on Tuesday.

In April gross domestic product grew by 5.1% compared with the same month a year ago, after expanding 6% year-on-year in March. In April 2018 GDP had grown by 6.5% year-on-year.

The fastest growth in April was registered in trade, transport, real estate and services. Construction declined.

Georgia’s economy expanded 4.7% in 2018, down from 5% in 2017. The government expects growth this year of at least 5%.

The International Monetary Fund projects growth of 4.6% this year, 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 Gareth Jones)

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