The National Statistics Office revised real GDP growth slightly upwards to 9.7% in 4Q22, from the preliminary estimate of 9.5%. For the whole 2022 year, real GDP growth came in at 10.1%, unchanged from rapid estimate.

In 2022, high contributions to growth came from transportation and storage (+28.4% y/y), ICT (+49.9% y/y), electricity supply (+38.9% y/y), construction (+14.8% y/y), trade (+6.1% y/y), manufacturing (+7.8% y/y), art, entertainment and recreation (+17.3% y/y), and hospitality (+16.7% y/y) sectors.

Meanwhile, real estate (-4.8% y/y) and healthcare (-5.7% y/y) sectors weighed on growth. In 2022, nominal GDP increased by 19.6% y/y to GEL 71.8bn (US$ 24.6bn). GDP per capita stood at US$ 6,672 in 2022, up from US$ 5,023 in 2021.