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Georgian economy grows by 9.7% in 2024 according to revised data - GeoStat

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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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Economy
image No regional project would have been possible without direct involvement of regional leaders - Minister Nabiyev

02.06.2026.17:36

“This was a day we had all been eagerly anticipating. The Baku–Tbilisi–Kars project did not begin with a ribbon-cutting ceremony in 2017; its origins lie in the vision of Heydar Aliyev, the national leader of Azerbaijan, who already understood that Georgia, Azerbaijan and Turkey were destined to be strategic partners,” Rashad Nabiyev, Minister of Digital Development and Transport of the Republic of Azerbaijan, stated at the inauguration of the Baku–Tbilisi–Kars railway line.

Speaking at the ceremony, Nabiyev described the Baku–Tbilisi–Kars project as a natural continuation of the Baku–Tbilisi–Ceyhan pipeline initiative.

“Azerbaijan’s national leader foresaw the future of this project, and over the past thirty years we have witnessed just how right Heydar Aliyev was. In 2017, representatives of Georgia and Azerbaijan came together and set the first stages of this project in motion. Friendship and strategic partnership are essential to the realisation and future of an undertaking of this kind, and Azerbaijan has fulfilled every one of those requirements to the fullest. This was never merely a working process; it was a profoundly significant step forward in the field of freight transportation.

Today, Baku–Tbilisi–Kars stands as one of the most competitive transit corridors in the region. Just a few days ago, an agreement was signed between the President of Azerbaijan, Ilham Aliyev, and the Prime Minister of Georgia, Irakli Kobakhidze. Every project that has been realised between our countries would, of course, have been impossible without the direct and personal involvement of Azerbaijan’s President Ilham Aliyev, Georgia’s Prime Minister Irakli Kobakhidze, and Turkey’s President Recep Tayyip Erdoğan.

Finally, I too would like to echo my colleague’s sentiments and express my gratitude to all those who contributed to bringing this project to fruition, and in particular to my dear friend, Minister Kvrivishvili. I have every confidence that this project will bring our nations ever closer together,” said Nabiyev.

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