Tbilisi (GBC) - Georgian Deputy Economy Minister Vakhtang Tsintsadze on Friday said the domestic economy had experienced a double-digit growth of 11.8 percent in April.

He also said the figure was “diversified”, with “significant” contribution from the manufacturing, construction, transport, warehousing and knowledge-based service sectors.

“Positive economic growth trends continue, with double-digit growth of 11.8 percent recorded in April and an average of nine percent over four months”, he said.

The Deputy Minister also highlighted an increase in investment activity and a “significant” contribution from service exports, particularly tourism, which exceeded $800 million in the first quarter.

He also noted international financial institutions and rating companies had assessed Georgia’s economy as “stable” due to the Government's “reasonable” macroeconomic policies.

“According to the April forecasts of the International Monetary Fund, between 2024 and 2029 Georgia is projected to have the highest economic growth among neighbouring, regional, European Union candidate and European countries”, Tsintsadze said.

The Asian Development Bank in April forecast the Georgian economy to grow by five percent this year, adding growth was expected to accelerate to 5.5 percent in 2025, boosted by “continued gains” in tourism and investment.