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Georgia suffers sustained economic slowdown in first 8 months of 2015

Xinhua, September 30, 2015 Adjust font size:

Georgia's economic growth has experienced a notable downward trend year-on-year in the first eight months of 2015, the nation's statistics office Geostat said Wednesday.

During the January-August period, the country's real GDP grew only 2.8 percent year-on-year, much slower than the same period of last year, which stood at 6.1 percent. For August, Georgia's GDP grew 2.3 percent year-on-year, Geostat added.

In light of the sluggish economic perspective, the Georgian parliament confirmed in July the cut of economic growth forecast from 5 percent to 2 percent and the decline of tax revenues by 87 million U.S. dollars to 3.2 billion dollars for 2015.

Experts attributed the bad performance of economy to the fast shrinking exports and continuous currency devaluation in the year.

Most economists had a pessimistic forecast for Georgia's economic growth both for 2015 and 2016. Endi