Economic indicators will be available in November

Georgia had record economic growth in 2007 - 12.4%. In 2008 economic growth was 2.4%. The final figures of economic growth, or rather economic contraction, for this year are not yet known.

By November of this year figures will become available and it is supposed that budget changes might become necessary. The Government of Georgia is projecting decreases in export and import as well as money transfers.

The continuing decrease in foreign direct investment has been discussed many times by our newspaper and economic analysts suggest that the official prognosis of a GDP 4% reduction is overly modest. The global financial crisis, although it did not touch Georgia at its full strength has still created problems in the Georgian economy: in trade, construction, hotels and restaurants and in the tourist industry and agriculture. All this sectors had been flourishing, to different extents, previously.