Georgian economy grows 6.9% in October 2021

  • Geostat reported that a decline was registered in construction. Photo: Nino Alavidze/Agenda.ge.

Agenda.ge, 30 Nov 2021 - 14:43, Tbilisi,Georgia

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. 

The following industries posted growth in October 2021 compared to the same period in the previous year:

  • Manufacturing
  • Transportation and storage
  • Arts, entertainment and recreation
  • Electricity, gas, steam and air conditioning supply
  • Financial and insurance activities
  • Hotels and restaurants
  • Trade 

Image: Geostat.

Geostat reported that a decline was registered in construction. 

Based on the Geostat report, in October 2021, the export of goods increased by 24.9%, while imports grew by 22.3%.

In October 2020, the Georgian economy declined by 3.9% year-on-year, while in 2019 GDP amounted to 5.7%.

Georgian Prime Minister Irakli Garibashvili called economic growth in the country ‘unique, unprecedented growth across Europe.’

He also stated several days ago that the gross domestic product in Georgia will reach a historic high in January 2022 amounting to 65 billion GEL (about $20 bln./€18 bln), noting that Georgia’s GDP per capita in January will be 5,500 USD.

The Georgian economy is expected to increase by 3.5% in 2021, and in 2022 by 6%, the Asian Development Bank (ADB)’s Outlook 2021 report says. 

The International Monetary Fund (IMF) projects the Georgian economy to grow 7.7% in 2021 and 5.8% in 2022.

The ‘Europe and Central Asia Economic Update’ published by the World Bank maintains that the Georgian economy is unlikely to recover to pre-COVID levels until late 2022.

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