Georgian economy shrinks 5.5% in July 2020

In July 2020 estimated real growth compared to the same period of the previous year was negative in almost all activities. Photo: Nino Alavidze/Agenda.ge.
 

Agenda.ge, 31 Aug 2020 - 12:21, Tbilisi,Georgia

Estimated real gross domestic product (GDP) declined by 5.5 per cent in July 2020 year-on-year and by 5.8 per cent in the first seven months of 2020 year-on-year, show the latest data from the National Statistics Office of Georgia (Geostat).

In July 2020 estimated real growth compared to the same period of the previous year was negative in almost all activities, other than mining and quarrying and water supply, sewerage, waste management and remediation activities.

The World Bank’s recent report Global Economic Prospects 2020 reads that the real GDP will decline in 2020 in Georgia and is estimated to be -4.8 per cent, with projected recovery of growth at 4 per cent in 2021.