Georgia’s GDP grows 8.7% in 2015

Georgia’s Gross Domestic Product (GDP) increased 8.7 percent in 2015, says the National Statistics Office of Georgia (Geostat).

Last year Georgia’s GDP at current prices totalled 31.7 million GEL (about $13.7 million/€ 12.1 million*), said Geostat.

In the same period the real growth of GDP amounted to 2.8 percent and the deflator increased by 5.8 percent year-on-year (y/y).

Geostat data revealed the largest share in the sectorial structure of GDP were held by: 

• Trade services (16.6 percent);
• Industry (16.5 percent);
• Transport and communication services (10.7 percent);
• Public administration (9.3 percent);
• Agriculture, forestry and fishing (9.2 percent);
• Construction (8 percent); and
• Real Estate, Renting and Business Activities (6.6 percent).

In terms of real growth in 2015, the following sectors enjoyed positive growth: 

• Mining and quarrying (21 percent);
• Construction (15.2 percent);
• Financial intermediation (9.4 percent);
• Hotels and restaurants (7.4 percent);
• Social and personal service activities (7.1 percent); and
• Real estate, renting and business activities (6.9 percent).

Geostat said a decrease in the real value-added was recorded in manufacturing (4.9 percent) and trade (0.3 percent) sectors.

* Currencies are equivalent with the latest National Bank of Georgia exchange rate (March 19, 2015).