GDP growth rate reaches 44.8% in April 2021 against last year lows
Construction is one of the industries of of the Georgian economy that posted growth in April 2021 compared to the same period of the previous year. Photo: Nino Alavidze/Agenda.ge.
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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).
Last month the following industries of the economy posted growth compared to the same period of the previous year:
- Manufacturing
- Construction
- Trade
- Transportation and storage
- Hotels and restaurants
- Financial and Insurance activities
- Real estate activities,
- Professional, scientific and technical activities
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.
Air pollution in Georgia contributed to more than 4,000 lives lost, while its economic costs were estimated at $560 million, or 3% of gross domestic product (GDP), reads the World Bank report 'Georgia: Towards Green and Resilient Growth, that estimates losses associated with pollution and degradation of agricultural and forest land and coastal zones.
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 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).
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%.
The Georgian lari has strengthened against the US dollar today to 3.0375 GEL / $1 USD as of 11 a.m. today. June 4 trading opened the day with the GEL/USD rate at 3.10, which further fell by almost 7.25 tetri and currently stands at 3.0375 GEL.
Georgian Finance Minister Lasha Khutsishvili claims Georgia will be a country whose economy will recover one of the fastest in the post-pandemic period. "There are many factors that actually give us the opportunity to say that the process of economic recovery this year will be fundamentally different", Khutsishvili said.
The Georgian economy is projected to grow 6% in 2021, 5% in 2022 and again 5% in 2023, says the June edition of the World Bank’s report Global Economic Prospects 2021.
Georgian Prime Minister Irakli Garibashvili has stated that in a pessimistic scenario the Georgian economy is expected to grow 7% while in an optimistic scenario it will grow more than 10% this year. The World Bank published the report today, which reads that the Georgian economy is projected to grow 6% in 2021, 5% in 2022 and again 5% in 2023.
The estimated real gross domestic product (GDP) growth rate in May 2021 amounted to 25.8% year-on-year and 11.5% in January-May of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia (Geostat).
The International Monetary Fund (IMF) projects the Georgian economy to grow 7.7% in 2021, 'a significant upgrade from just a few months ago, which implies that output will exceed its 2019 level this year', reads a concluding statement of the IMF staff at the end of an official visit in Georgia.
The estimated real gross domestic product (GDP) growth rate in June 2021 equaled 18.7 per cent year-on-year and 12.7 per cent in January-June of 2021 year-on-year, the preliminary data of the National Statistics Office of Georgia (Geostat) show.