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Georgia attracts more foreign investment in 2014

Xinhua, March 11, 2015 Adjust font size:

Foreign direct investment (FDI) in Georgia increased 35 percent year-on-year to 1.27 billion U.S. dollars in 2014, the biggest inflow since 2008, the country's statistics office said Wednesday.

The FDI in the fourth quarter of 2014 stood at 349.2 million dollars, up 53.9 percent over the same period of the previous year, the office said in a statement.

The transport and communication sector received 343 million dollars in overseas investment, the largest share of last year, while agriculture attracted the least, 19 million dollars, said the statement.

As for sources of investment, the Netherlands, Azerbaijan and China, with 331 million, 302 million and 195 million dollars respectively, were the leading three investors in Georgia last year.

Georgia, one of the frailest economies in Central Asia, relies heavily on foreign capital because of its huge current account deficit every year.

Last year, Georgia posted a 4.7 percent growth in GDP, one of the best in the region in economic performance. However, its economy growth slowed down to 0.5 percent in the first month of 2015 due to the external financial shock. Endi