GDP growth rate reaches 18.7% in June 2021
Compared to the same month of 2019, the country's economy has grown by 9.5 per cent in 2021. Photo: Nino Alavidze/Agenda.ge.
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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.
The following industries of the economy posted growth in June 2021 compared to the same period of the previous year:
- manufacturing
- financial and insurance activities
- transportation and storage
- trade
- hotels and restaurants
- real estate activities
- construction
Image: Geostat
Georgian Economy Minister Natia Turnava stated earlier today that there is economic growth in 'almost every industry,' noting that she expects the current year to end 'with at least 7.7 per cent of economic growth, as well as employment growth.’
Geostat reported that a decline was registered in mining and quarrying.
Based on the Geostat report, in January-June 2021, the export of goods increased by 25.2 per cent, while imports increased by 18.9 per cent.
Foreign trade turnover increased by 20.7 per cent.
In June 2020, the Georgian economy decreased by 7.7 per cent.
Compared to the same month of 2019, the country's economy has grown by 9.5 per cent in 2021.
The Georgian economy is expected to grow 3.5 per cent in 2021, rebounding with the gradual lifting of the Covid-19 pandemic restrictions and revival of domestic demand, the Asian Development Bank (ADB)’s Outlook 2021 report reads.
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 latest ‘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.
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 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 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 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.
Following a 'much-improved' macroeconomic baseline, Fitch Ratings has revised the outlook on Georgia's long-term foreign-currency issuer default rating (IDR) to stable from negative and affirmed the IDR at 'BB'.
The increased unemployment rate in the second quarter of 2021 is related to coronavirus restrictions imposed in the same period of last year, Georgian Economy Minister Natia Turnava has stated today.
The estimated real gross domestic product (GDP) growth rate in July 2021 amounted to 9.9% year-on-year and 12.2% in January-July 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'.
Nominal gross domestic product (GDP) amounted to 15.91 billion GEL in the second quarter of 2021, while the real GDP grew by 29.9 percent year-on-year and GDP deflator increased by 10.3% in the reporting period, show the latest data from the National Statistics Office of Georgia (Geostat). The 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'.
Global ratings agency Moody's expects the Georgian economy to grow by 7.3% in 2021, following a 6.2% contraction in 2020, 'driven by the collapse of the tourism sector and the domestic impact of lockdowns and movement restrictions in the wake of the pandemic', says Moody's.
Georgian Prime Minister Irakli Garibashvili has stated earlier today that gross domestic product in Georgia will reach a historic high in January 2022 amounting to 65 billion GEL (about $20 bln./€18 bln).
Georgia's estimated GDP increased in October 2021 compared to the same period last year, and totalled 6.9% year-on-year, while in January-October of 2021 year-on-year growth amounted to 10.5%, preliminary data of the National Statistics Office of Georgia (Geostat) show.