Georgian economy shrinks 5.3% in August 2020
In August 2020 estimated real growth compared to the same period of the previous year was negative in almost all activities, other than mining and quarrying. Photo: Nino Alavidze/Agenda.ge.
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Estimated real gross domestic product (GDP) declined by 5.3 per cent in August 2020 year-on-year and by 5.6 per cent in the first eight months of 2020 year-on-year, show the latest data from the National Statistics Office of Georgia (Geostat).
In August 2020 estimated real growth compared to the same period of the previous year was negative in almost all activities, other than mining and quarrying.
According to preliminary estimates, the situation in August compared to July, although slightly, has improved somewhat. We are facing a 5.3 per cent decline in the economy", said Geostat Director Gogita Todradze.
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 new Asian Development Bank (ADB) report, the Asian Development Outlook 2020 Update.
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.
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).
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).
Estimated real gross domestic product (GDP) declined by 7.7 per cent in June 2020 year-on-year and by 5.8 per cent in the first six months of 2020 year-on-year, show the latest data from the National Statistics Office of Georgia (Geostat).
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).
Estimated real gross domestic product (GDP) declined by 0.7 per cent in September 2020 year-on-year and by five per cent in the first nine months of 2020 year-on-year, show the latest data from the National Statistics Office of Georgia (Geostat).