Q2 of 2020: Georgian economy grows 29.9%
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. Photo: Nino Alavidze/Agenda.ge.
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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).
Geostat said that significant contributions to the real GDP growth in Q2 2021 is related to increase in the value added of the following activities:
- Wholesale and retail trade (53.9%)
- Manufacturing (42.3%)
- Arts, entertainment and recreation (133.6%)
- Transportation and storage (47%)
- Construction (27.3%)
- Accommodation and food service activities (75.5%)
- Financial and insurance activities (45.5%)
A decrease in the real value-added occurred in:
- Agriculture, forestry and fishing (-2.3%)
- Education (-1.4%)
The largest shares of GDP by activity were held by:
- Trade (15.9%)
- Manufacturing (11.6%)
- Real estate activities (9.6%)
- Construction (8.6%)
- Agriculture, forestry and fishing (7.8%)
- Transportation and storage (6.3%)
- Public administration (5.8%)
- Arts, entertainment and recreation (5.4%)
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'.
Georgian Foreign Minister David Zalkaliani has stated that taking the 75 million euro EU loan by the Georgian government would be unjustified when the state economy has increased by 12 per cent over the past six-seven months.
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'.
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.
Georgia has reported 1,501 new cases of coronavirus after conducting 22,920 tests over the last 24 hours. Out of the 1,501new cases 522 were reported in Tbilisi. Meanwhile, 1,954 individuals have recovered and 43 patients have died.
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).