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Georgia’s Economic Growth Drops to 1.5% In 2016

In September 2016, from 2.9 percent of the previous month, Georgia’s economic growth decreased to 1.5 percent, as per the National Statistics Service. This is in comparison to September 2015 when economic growth was 2.2 percent.

Although, in the previous year, the Georgian government stated the expected economic growth was 3 percent in 2016. The prediction was due to the increasing trade and the currency stabilization.

Indeed, in the beginning of 2016, Georgia witnessed the expansion of its economy by 2.6 percent. This is because of its beneficial territory serving as the cross-road for pipelines supplying Caspian oil and gas to Europe.

However, the plummet of the Russian Ruble influenced Georgia’s economy.

This resulted in the depreciation of the Georgian currency and economy in September.