Georgia has had a successful development record over the past decade, underpinned by prudent economic management. Growth averaged 4 percent per annum between 2011 and 2021. In the first half of 2022 real GDP growth estimated at 10.5 percent (y-o-y). After unemployment increased to 20.6 percent in 2021, labor markets have started to recover, with unemployment decreasing to 18.1 percent in Q2 2022. After peaking in June, inflation has eased slightly, reaching 10.9 percent (y-o-y) in August 2022.