Georgian economy shrinks 3.9% in October 2020
Last month, estimated real growth compared to the same period of the previous year posted downturns in almost all activities, other than financial and insurance activities, said Geostat. Photo: Nino Alavidze/Agenda.ge.
Tweet 
Share
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).
Last month, estimated real growth compared to the same period of the previous year posted downturns in almost all activities, other than financial and insurance activities, said Geostat.
Georgian Finance Minister Ivane Matchavariani said that the new restrictions imposed by the government on November 26 gave grounds to revise the economic growth rate of 2021 downward.
The 2021 state budget was planned with a 4.3 per cent economic growth forecast, however Matchavariani said that there was 'a significant decline in revenues' in November and January and February will be 'severe' because of the new restrictions, which will affect economic growth next year.
Matchavariani projected the economy would experience 4% growth next year.
Georgian Finance Minister Ivane Matchavariani said that the new restrictions imposed by the government today give ground to revise the economic growth rate of 2021.
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.
The 2021 state budget of Georgia will include expenditures for quarantine, testing and Covid-19 vaccine and will be discussed at the parliament of Georgia by the end of this month, announces Georgian Finance Minister Ivane Matchavariani.
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).
Nominal gross domestic product (GDP) amounted to 13.33 billion GEL in the third quarter of 2020 in Georgia, while real GDP declined by 5.6 per cent year-on-year and the GDP deflator increased by 5.9 per cent in the reporting period, show preliminary data from the National Statistics Office of Georgia.
Estimated real gross domestic product (GDP) declined by 7.7 per cent in November 2020 year-on-year, and by 5.9 per cent in the first eleven months of 2020, show the latest data from the National Statistics Office of Georgia.
Estimated real gross domestic product (GDP) declined by 7.9% in December 2020 year-on-year and by 6.1% in 2020 year-on-year, show the latest data from the National Statistics Office of Georgia (Geostat).
Estimated real gross domestic product (GDP) declined by 11.5% in January 2021 year-on-year. Last month the following industries of the economy posted negative growth compared to the same period of the previous year:Construction, Transportation and storage, Manufacturing, Accommodation and food service activities, Arts, entertainment and recreation. Real estate activities and others.