NEWS

Georgian economy declines 5.1% in February 2021

The latest ‘Europe and Central Asia Economic Update’ published by the World Bank reads that the Georgian economy is unlikely to recover to pre-Covid levels until late 2022. Photo: Nino Alavidze/Agenda.ge.

Agenda.ge, 31 Mar 2021 - 12:45, Tbilisi,Georgia

The estimated real gross domestic product (GDP) of Georgia declined by 5.1% in February 2021 year-on-year and by 8.3% in January-February of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia (Geostat).

Last month the following industries of the economy posted negative growth compared to the same period of the previous year:

Construction
Accommodation service activities
Arts, entertainment and recreation
Transportation and storage
Real estate activities
Manufacturing

A growth was registered in:

Financial and insurance activities
Trade
Water supply; sewerage, waste management activities

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

The World Bank says that the Georgian economy is projected to expand to 4% in 2021 and then to firm to 5% in 2022.

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