NEWS

Georgian economy declines 6.1% in 2020

Georgian Economy Minister Natia Turnava said that last year the Georgian economy shrank more than expected due to the coronavirus pandemic, but 2021 will be a year of recovery. Photo: Nino Alavidze/Agenda.ge.

Agenda.ge, 29 Jan 2021 - 15:01, Tbilisi,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).

A decrease was registered in the following activities:

Accommodation and food service activities
Construction
Arts, entertainment and recreation
Manufacturing
Transportation and storage
Wholesale and retail trade
Repair of motor vehicles and motorcycles

A growth was registered in:

Financial and Insurance activities
Water supply; sewerage, waste management and remediation activities
Information and communication
Mining and quarrying

Georgian Economy Minister Natia Turnava said that last year the Georgian economy shrank more than expected due to the coronavirus pandemic, but 2021 will be a year of recovery.

"We had serious recovery in September and in early October, but the situation in the last quarter, during the second wave, had an impact on our region, the EU, and the Georgian economy. The economic situation due to the pandemic is not so good, however, according to the world trends and prognosis of the financial organisations, we forecast 2021 to be a year of growth and recovery", said Turnava.

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