Georgian economy shrinks 0.7% in September 2020
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 ADB report. Photo: Nino Alavidze/Agenda.ge.
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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).
Economic growth rate was minus 0.7 per cent in September, which directly indicates the serious potential for rapid economic recovery and recovery of the country. Based on this data, the international financial organisations, our partners, state that Georgia is the country that has the most real chance to be a leader in the region in terms of economic recovery. We must do everything we can to maintain this success", said Georgian Prime Minister Giorgi Gakharia.
In September 2020 estimated real growth compared to the same period of the previous year was negative in:
- Transportation and storage
- Accommodation and food service activities
- Arts, entertainment and recreation
- Construction
- Professional, scientific and technical activities
- Information and communication
On the other hand, increase was registered in:
- Manufacturing
- Mining and quarrying
- Wholesale and retail trade
- Financial and insurance activities
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.
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).
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).
The money supply of the Georgian economy was up 16% in September 2020, the monthly review of the National Bank of Georgia (NBG) released today reports. The M2 aggregate reached 13.7 billion GEL last month.
The European Bank for Reconstruction and Development has released its 2020-2021 transition report in which the IFI assesses Georgia’s economic situation amid the pandemic, forecasting 3.5 per cent growth for 2021.
Estimated real gross domestic product (GDP) declined by 3.9 per cent in October 2020 year-on-year, and by 5.1 per cent in the first ten months of 2020, show the latest data from the National Statistics Office of Georgia (Geostat).