Georgian economy shrinks 7.7% in November 2020

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.

Last month, growth was posted in the following activities:

• construction, transportation and storage
• arts, entertainment and recreation
• accommodation and food service activities
• wholesale and retail trade; repair of motor vehicles and motorcycles

Growth was registered in:

• manufacturing
• financial and Insurance activities
• information and communication
• water supply; sewerage, waste management and remediation activities

3,455 new enterprises registered in November 2020 which is 11.4 per cent less compared to the same period of last year.

In November 2020, value added tax (VAT) payers’ turnover amounted to 7.3 billion GEL which is a 4.2 per cent decrease year-on-year.

A decrease in hotels and restaurants sectors was related to the reduction of international visitors. In the arts, entertainment and recreation sector a decrease was decreased revenue of gambling companies, as well as companies which organize resting, entertaining, sport and cultural events,” said Gogita Todradze, the Head of the National Statistics Office of Georgia.

In November 2020, exports of goods amounted to $301.1 million which is 13.4 per cent decrease. Imports amounted to $718.9 million which is 12.1 per cent less year-on-year.

In the first 11 months of 2020, exports of goods amounted to $3.01 billion which is 11.3 per cent less year-on-year. Imports amounted to $7.18 billion which is a decrease of 15.9 per cent. As for external merchandise trade turnover, it amounted to $10.2 billion which is 14.6 per cent less compared to the same period of last year.