NEWS

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.

Agenda.ge, 31 Aug 2021 - 12:51, Tbilisi,Georgia

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'.

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