The messenger logo

Construction remains fastest growing sector in Georgia

By M. Alkhazashvili
(Translated by Diana Dundua)
Tuesday, May 6
Construction remains the fastest growing sector of the economy, with the industry worth GEL 2 billion in 2007, the newspaper Rezonansi reports.

The sector accounts for seven percent of GDP, according to the Economic Development Ministry, and employs 50 000 people.

The sale of building materials is increasing by 20–25 percent annually, and about 80 percent of them are imported. However, domestic production of bricks, concrete, cement and other materials is increasing, according to the newspaper 24 Saati.

Research recently undertaken shows that Georgian real estate prices are “considerably higher” than Eastern Europe prices, the newspaper the Financial reported last month.