Georgia’s GDP increases 2.6% in Q1 2016

In the first quarter of 2016 (Q1), the real growth of Georgia’s Gross Domestic Product (GDP) was 2.6 percent, says the National Statistics Office of Georgia (Geostat). 

Figures released today by the statistics agency showed the country’s nominal GDP totaled 7.351 billion GEL ($3.02 billion USD), and the country’s GDP deflator increased four percent.

The preliminary data showed the largest shares of GDP by activity were held by: 

• Trade services – 15.9%;
• Industry – 15.7 %;
• Transport and communication services – 11.6%;  
• Agriculture, hunting and forestry, fishing – 9.7%; 
• Public administration – 8.8%; 
• Construction – 7.8%; 
• Health and social work – 6.2%; 
• Real estate, renting and business activities – 6%. 

The Geostat data showed real growth was evident in the mining and quarrying sector (29 percent), construction (25.7 percent), hotels and restaurants (11.7 percent), real estate, renting and business activities (9.4 percent), financial Intermediation (8.4 percent) and education (2.7 percent).

A decrease in the real value-added occurred in the electricity, gas and water supply (-3.1 percent), community, social and personal service activities (-1.7 percent) and transport (-1.1 percent),” Geostat said. 

The statistics agency noted public infrastructural projects and the construction of new gas pipeline had led to an increase of real gross value added in the construction sector.

Geostat said adjusted data will be published in November 2016.