Georgian economy up 12% in November 2021
Georgian Economy Minister Natia Turnava stated earlier today that the end of 2021 seeing two-digit economic growth ‘is a very important indicator that 2022 will be a year of accelerated development.’ Photo: Nino Alavidze/Agenda.ge.
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The estimated real Gross Domestic Product (GDP) increased by 12% in November 2021 year-on-year, and by 10.7% in January-November of this year, the latest data from the National Statistics Office of Georgia (Geostat) show.
The highest real GDP growth was registered in the following sectors:
- Manufacturing
- Transportation and storage
- Arts, entertainment and recreation
- Trade
- Hotels and restaurants
- Financial and Insurance activities
Meanwhile, a decrease was registered in construction.
A total of 4,441 new businesses were registered in November 2021, which is a 28.5% increase compared to the same period last year.
In November 2021, Value Added Tax (VAT) payers’ turnover amounted to 9.9 billion GEL, a 32.6% increase year-on-year.
Image: Geostat.
Exports of goods in November totalled 3.8 million USD, increasing by 26.7%.
Georgian Economy Minister Natia Turnava stated earlier today that the end of 2021 seeing two-digit economic growth ‘is a very important indicator that 2022 will be a year of accelerated development.’
Georgian Finance Minister Lasha Khutsishvili said that ‘by the end of 2022, the volume of our economy will approach 65 billion GEL, and GDP per capita will be more than 5,600 USD.’
Georgian Prime Minister Irakli Garibashvili also stated that GDP in Georgia will reach a historic high in January 2022 of 65 billion GEL (about $20 bln./€18 bln).
The Georgian parliament approved the updated state budget 2022 for Georgia on December 17, planned with an economic growth forecast of 6%. The budget total is 19.1 billion GEL.
The Asian Development Bank’s Outlook 2021 report reads that the Georgian economy is projected to grow 6.5% in 2022.