July 31, 2018 / 9:30 AM / 3 months ago

Georgia's economy grows 5.7 pct yr/yr in H1

TBILISI, July 31 (Reuters) - Georgia’s economy grew 5.7 percent year-on-year in the first half of 2018, preliminary data showed on Tuesday, up from 4.5 percent in the same period last year.

Growth in June alone was 4 percent year-on-year, down from 7.5 percent in May and from 4.6 percent a year earlier.

The former Soviet republic, which hosts pipelines carrying Caspian oil and gas to Europe, is recovering from a decline in exports and a plunge in the currencies of its main trading partners, which have depressed economic growth in recent years.

In 2017 it grew 5 percent as exports recovered and remittances from abroad rose. The fastest growing sectors were the processing industry, services and real estate.

The government expects growth of 4.5 percent in 2018. (Reporting by Margarita Antidze; editing by Jon Boyle)

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