Nominal gross domestic product (GDP) amounted to 11.21 billion GEL in the second quarter of 2020 in Georgia, while GDP declined by 12.3 per cent year-over-year and the GDP deflator also declined by 6.3 per cent in the reporting period, show the latest data from the National Statistics Office of Georgia (Geostat).
Georgia is forecast to return to economic growth of 4.5 per cent in 2021 thanks to expected recoveries in tourism, private consumption, investment, and net exports, following a contraction this year due to the coronavirus pandemic, says a Asian Development Bank (ADB) report, the Asian Development Outlook 2020 Update.
Meanwhile, the World Bank’s 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.