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.
The Consumer Price Index in December 2021 grew by 0.3% compared to the previous month, while the annual inflation rate in Georgia stood at 13.9%, the latest inflation data of the National Statistics Office of Georgia (Geostat) show.
Georgian Prime Minister Irakli Garibashvili stated earlier today that the Georgian government has ‘significantly improved key fiscal parameters’ due to rapid economic recovery, adding that the Georgian government will make a decision this week which will ‘significantly reduce the cost of medicines.'
Georgian Prime Minister Irakli Garibashvili has congratulated the Georgian population on New Year’s Eve wishing for the 2022 year to be a ‘year of progress, success, unity, prosperity and development’ for Georgia and its people.
Georgian Prime Minister Irakli Garibashvili has stated that 2021 was a challenging but successful year, noting that the country has concluded the year with double-digit economic growth, more than five million vaccine doses imported, and ‘fair, competitive and free’ municipal elections held in October.
Georgian Prime Minister Irakli Garibashvili has stated that the government was able to ‘recover, stimulate and diversify’ the country’s economy' in an unprecedented time frame,’ noting that Georgia has double-digit economic growth.
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.
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 Georgian economy is projected to grow 5.5% in 2022 and 5% in 2023, the January edition of the World Bank’s report Global Economic Prospects 2022 says.
The estimated real Gross Domestic Product (GDP) increased by 9.6% in December 2021 year-on-year and by 10.6% in 2021 compared to the previous year, the latest data from the National Statistics Office of Georgia (Geostat) show.