Atlanta, GA

GDP Annual Growth Rate in Georgia is expected to be 5% by the end of this quarter, according to analysts’ expectations.

In the long-term, the Georgia GDP Annual Growth Rate is projected to trend around 4% in 2023. Georgia’s gross domestic product advanced by 14.9% year-on-year in the March quarter of 2022, up from an 8.8% growth in the previous period. It was the fourth consecutive quarter of economic expansion and at a solid pace, supported by the easing impact of the pandemic and surging tourist arrivals. That said, notable growth was observed in accommodation & food services (70.3%); arts, entertainment, and recreation (47.9%); transportation & storage (29.4%); administrative and support service activities (29.1%) and information & communication (21.1%). Positive contributions also came from mining (24.9%), manufacturing (13.2%), internal trade (8.9%), and most importantly, construction (7.3%). Despite rising interest rates, Atlanta’s real estate market remains hot. The median sales price and the average sales price hit record highs in April, reaching $412,500 and $500,500, respectively.

* Other structures include religious buildings, amusement, government communications, and public recreation projects.