After year long downturn Georgian economy grows 4% in March
Average real gross domestic product (GDP) declined 4.2% in the first quarter of 2021 year-on-year, show preliminary data from the Geostat. Photo: Nino Alavidze/Agenda.ge.
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The Georgian economy grew 4% year-on-year in March, posting growth for the first time in a year.
However average real gross domestic product (GDP) declined 4.2% in the first quarter of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia (Geostat).
Last month the following industries of the economy posted growth compared to the same period of the previous year:
- Financial and insurance activities
- Trade
- Manufacturing
- Real estate activities
- Electricity, gas, steam and air conditioning supply
- Transportation and storage
- Information and communication
A decline was registered in:
- Construction
- Mining and quarrying
- Arts, entertainment and recreation
The Georgian economy is expected to grow by 3.5% in 2021, rebounding with the gradual lifting of the Covid-19 pandemic restrictions and revival of domestic demand, reads the Asian Development Bank (ADB) Outlook 2021.
The ADB projected Georgia’s gross domestic product (GDP) growth to accelerate to 6% in 2022 as a full reopening of the economy and expected recovery in tourism will boost travel and commerce.
The ‘Europe and Central Asia Economic Update’ published by the World Bank reads that the Georgian economy is unlikely to recover to pre-Covid levels until late 2022.
The World Bank says that the Georgian economy is projected to expand to 4% in 2021 and then to firm to 5% in 2022.
A year into the coronavirus pandemic Georgians remain concerned about the state of the economy and the impact of Covid-19, reads poll results released today by the National Democratic Institute (NDI or the Institute) and CRRC Georgia.
The National Bank of Georgia (NBG) has increased the refinancing rate by one percentage point to 9.50% as a result of which loans for about 125,000 borrowers will increase by one per cent, says the non-government organisation Society and Banks.
The Georgian economy is expected to grow by 3.5% in 2021, rebounding with the gradual lifting of the Covid-19 pandemic restrictions and revival of domestic demand, reads the Asian Development Bank (ADB) Outlook 2021.
Business associations in Georgia have sent an open letter to Georgian Prime Minister Irakli Garibashvili, in which they demand coronavirus restrictions be eased in the country.
Georgian Finance Minister Lasha Khutsishvili has said that the 4% growth rate of the economy that was observed in March will increase 'even more' in April, announces the Ministry of Finance of Georgia.
The estimated real gross domestic product (GDP) growth rate in April 2021 equaled 44.8% year-on-year and 8.1% in January-April of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia (Geostat).
The Georgian economy is expected to grow 6.5% in 2021, according to Georgian Finance Minister Lasha Khutsishvili. He added that "the economy is forecast to grow 6.9% in 2022.” He also said that in an optimistic scenario, economic growth in 2021 is projected at 10.2%.