As per the Budget Code, following the delivery of macroeconomic forecasts and information concerning basic directions of Georgia's ministries by the government of Georgia to the parliament, the Parliamentary Budget Office (PBO) is publishing its independent forecasts.
Major dynamics of the forecasted variables are as follows:
•According to the PBO forecast, the Georgian economy will grow by 5.2% in 2018, while average growth in 2019-2022 equals 5.8%. The real GDP growth forecast for 2018 (5.2%) is 0.7 percentage points (pp) higher than the government forecast (4.5%) and slightly higher (by 0.3 pp) compared to the PBO forecast published in December 2017. This is mainly caused by several factors: in 2017 and the 1st half of 2018, the global economic environment improved significantly and forecasts for major trading partner countries were updated positively. Moreover, permanent high economic growth throughout 2018 increased potential GDP. These two factors jointly had a positive impact on the updated forecast for economic growth in 2018. It should be noted that the PBO medium run forecast (5.8%) takes into account a planned/expected major increase in government capital expenditures (non-financial assets), the factual dynamics of which might have an impact on realization of PBO forecasts.
•According to PBO forecast, the current account deficit will amount to -8% of GDP in 2018, while the government forecast is equal to -8.1%. This forecast is lower than that published by PBO in December 2017, which is a result of further improvement in external conditions during 2018, as well as higher projected domestic savings.
•According to PBO forecast, in 2018 the consolidated budget overall balance (GFSM 2001) ratio to GDP will be equal to -0.4%, 1 pp lower compared to that given in BDD (-1.4%), which is caused by differences in forecasts of consolidated budget revenues and nominal GDP. It should be noted that, as mentioned above, with respect to consolidated budget expenditures, PBO forecasts treat the BDD medium run fiscal plan as the baseline scenario.

For more details about updated forecasts of other economic variables, see the full document.