Georgian economy grows 6.9% in October 2021
Geostat reported that a decline was registered in construction. Photo: Nino Alavidze/Agenda.ge.
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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.
Georgian Prime Minister Irakli Garibashvili has stated that the economic growth in Georgia in October amounted to about 7%, while growth in the past 10 months totalled 10.5%, calling it ‘unique, unprecedentedly high growth across Europe.'
World Bank Regional Director for the South Caucasus Sebastian Molineus has stated earlier today that Georgia can be a strong leader ‘not only in the region but globally as well’ in regional connectivity and integration following the meeting with the Georgian Prime Minister Irakli Garibashvili.
Georgian Prime Minister Irakli Garibashvili has stated earlier today that gross domestic product in Georgia will reach a historic high in January 2022 amounting to 65 billion GEL (about $20 bln./€18 bln).
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.
The Consumer Price Index in November 2021 grew by 0.6% compared to the previous month, while the annual inflation rate in Georgia stood at 12.5%, the latest inflation data of the National Statistics Office of Georgia (Geostat) show.
Georgian Finance Minister Lasha Khutsishvili stated earlier today that the country’s economy will ‘fully recover’ from losses of the last year and be 2.6% higher than it was in 2019.
The average monthly salary in Georgia in the third quarter of 2021 has increased by 129 GEL (about $41/€36) compared to the same period last year, totalling 1,368.5 GEL ($441/€392), the latest data of the National Statistics Office of Georgia (Geostat) show.
The inflation rate in Georgia will return to 3% by the end of 2022, Economy Minister Natia Turnava stated earlier today, noting that high inflation is ‘one of the most important issues’ the Georgian population currently faces.
The Georgian parliament has approved the updated state budget 2022 for Georgia, planned with an economic growth forecast of 6%. The budget amounts to 19.1 billion GEL. The document was approved by 78 votes in favour and one vote against earlier today.
Nominal Gross Domestic Product in Georgia equalled 15.99 billion GEL in the third quarter of 2021, and real GDP grew by 9.1%, while the GDP deflator (inflation measure) increased by 9.4% in the reporting period, preliminary data from the National Statistics Office of Georgia (Geostat) show.
The largest share of annual gross domestic product (GDP) of Georgia by region is held by the capital city of Tbilisi with 50.5%, followed by the regions of Adjara (8.9%) and Imereti (8.4%), the National Statistics Office of Georgia (Geostat) reports.