Georgia's economic recovery has gained surprising momentum. Estimates from national statistics (GEOSTAT) show real GDP growth in the first six months of 2021 increased 12.7% year-on-year. Beyond the base effect, activity has been supported by growth in remittances, goods exports, and a gradual return of tourists. The stronger economic activity has led Fitch to revise up 2021 real GDP by 3.5pp from our review six months ago, to 7.8% (after a contraction of 6.2% in 2020), implying that output will exceed its 2019 level this year. For 2022-2023, a more robust recovery in the tourism sector and an increase in investment, means we forecast real GDP growth to average 5.4%, above potential of 4.0-4.5%. Risks surrounding the pandemic, pace of vaccination roll-out, and upcoming local elections in October, pose downside risks to our macroeconomic baseline - This is stated in the Fitch report published on August 6, 2021.

 Source: Fitch Ratings

See detailed information: https://www.fitchratings.com/research/sovereigns/fitch-revises-georgia-outlook-to-stable-affirms-at-bb-06-08-2021?fbclid=IwAR2PokdyLMKdwHISeI1OvZh2wtmfrhEiDRkxjjMsrVTpDER3lD8LPOdhiy0