Georgian economy shrinks 16.6% in April 2020
Last month estimated real growth compared to the same period of the previous year was negative in almost all activities. Growth was registered in mining and quarrying. Photo: Nino Alavidze/Agenda.ge.
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Estimated real gross domestic product (GDP) declined by 16.6 per cent in April 2020 year-on-year (y/y) and by 3.6 per cent in the first four months of 2020 y/y, show the latest data from the National Statistics Office of Georgia (Geostat).
Last month estimated real growth compared to the same period of the previous year was negative in almost all activities. Growth was registered in mining and quarrying.
Executive Director of Geostat Gogita Todradze said that construction made the biggest contribution to the 16.6 per cent decline in the Georgian economy in April, followed by trade and manufacturing.
Despite the ongoing infrastructure projects in the construction sector, there has been a downward trend in the construction of residential and non-residential buildings”, he said.
Todradze said that the import of construction materials declined 34 per cent and the import of cement and clinker reduced 65 per cent.
As for the trade sector, here the decline was mainly due to a decrease in the volume of trade in automobiles and parts.
Todradze said that the re-export of automobiles decreased 87 per cent and the import of oil products decreased 27 per cent.
Georgian gross domestic product (GDP) grew 2.2 per cent in February 2020 compared to the same period of last year, show the latest data from the National Statistics Office of Georgia (Geostat).
The real growth of gross domestic product (GDP) in Georgia amounted to 5.1 per cent in 2019 and the deflator percentage change equalled 6.6 per cent year-on-year, show the preliminary data published by the National Statistics Office of Georgia.
In Georgia the estimated real gross domestic product (GDP) growth rate in January 2020 equalled 5.1 per cent year-on-year, announces the National Statistics Office of Georgia.
The Georgian economy has shrunk 2.7 per cent in March 2020, show the latest data from the National Statistics Office of Georgia (Geostat). The estimated average real gross domestic product (GDP) growth for January-March equalled 1.5 percent year-on-year.
Georgian Economy Minister Natia Turnava said the economy is starting to reopen as the government is successfully containing the spread of the coronavirus. Minister Turnava said particular attention is now being paid to companies, which have been established by foreign investors.
Georgia has reported 11 new cases of the coronavirus earlier today, bringing the total number of cases to 794.624 of the 574 patients have recovered, while 12 have died. As of today, 158 people remain infected with COVID-19 in Georgia. Eight of the 11 new cases belong to the so-called Saburtalo cluster in Tbilisi, while three others are from the Mareti village of Marneuli municipality. Georgia continues to reopen its economy as the country has maintained a low infection rate so far.
Georgian Prime Minister Giorgi Gakharia has urged people to wear face masks during public gatherings or in public transport as no single state can defeat the coronavirus.
Georgia has reported two new cases of coronavirus earlier today, bringing the total number of cases to 796. 634 of the 796 patients have recovered, while 12 others have died. As of today 150 people remain infected with COVID-19 in Georgia. Both of the new cases are from the Mareti village of Marneuli municipality. Georgian Prime Minister Giorgi Gakharia urged people yesterday to wear face masks during public gatherings or in public transport as no single state can defeat the coronavirus.
Nominal gross domestic product (GDP) amounted to 11.06 billion GEL in the first quarter of 2020 in Georgia, while GDP grew by 2.2 per cent year-over-year and the GDP deflator increased by 6.1 per cent in the reporting period, show the latest data from the National Statistics Office of Georgia (Geostat).
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