Georgian economy shrinks 13.5% in May 2020

Last month the estimated real growth compared to the same period of the previous year was posted negative in almost all activities, said Geostat. Photo: Nino Alavidze/Agenda.ge.

Agenda.ge, 30 Jun 2020 - 13:25, Tbilisi,Georgia

Estimated real gross domestic product (GDP) declined by 13.5 per cent in May 2020 year-on-year and by 5.4 per cent in the first five months of 2020 year-on-year, show the latest data from the National Statistics Office of Georgia (Geostat).

Last month the estimated real growth compared to the same period of the previous year was posted negative in almost all activities, said Geostat.

Executive director of the Geostat Gogita Todradze said that 'the most notable decrease' in May 2020 is connected to the sectors of construction, trade, transportation, hotels, restaurants, real-estate operations, arts, leisure, and recreation.

"The exports have decreased by about 30 per cent while the imports have diminished by 35 per cent. Up to 3,200 enterprises were registered in May which lags behind the previous year's figures by 33 per cent", said Todradze.