Georgian economy grows 9.9% in July
The estimated real GDP growth rate in July 2021 amounted to 9.9% year-on-year and 12.2% in January-July of 2021 year-on-year. Photo: Nino Alavidze/Agenda.ge.
Tweet 
Share
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).
This means that economic revival, recovery and development continue. This once again gives us the confidence that by the end of the year we will have a pretty good rate [of economic growth] and we will expect double-digit growth", said Georgian Economy Minister Natia Turnava.
Last month the following industries of the economy posted growth compared to the same period of the previous year:
- Financial and insurance activities
- Manufacturing
- Hotels and restaurants
- Transportation and storage
- Trade
A decline was registered in construction, mining and quarrying.
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'.
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 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.
Georgian Prime Minister Irakli Garibashvili projects the Georgian economy to grow 7.7% this year, while the nominal gross domestic product (GDP) will amount to 57.2 billion GEL (about $18.13/€15.27 bln). Last month Garibashvili stated that in a pessimistic scenario the Georgian economy was expected to grow 7% while in an optimistic scenario it would grow more than 10% this year.
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.
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.
The Georgian economy is expected to grow by 8.5% in 2021 driven by an expansion in agriculture, industry, and services and the gradual lifting of restrictions imposed due to the coronavirus disease (Covid-19) pandemic, the Asian Development Bank (ADB) said in its annual flagship economic publication the Asian Development Outlook 2021 Update.
The estimated real gross domestic product (GDP) growth rate in August 2021 amounted to 10.3% year-on-year and 12% in January-August of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia (Geostat).