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.
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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.
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.
A year into the coronavirus pandemic Georgians remain concerned about the state of the economy and the impact of Covid-19, reads poll results released today by the National Democratic Institute (NDI or the Institute) and CRRC Georgia.
The nominal gross domestic product (GDP) amounted to 49.40 billion GEL in 2020, up by 0.3% year-on-year, while the real growth of GDP reduced by 6.2%, show preliminary data from the National Statistics Office of Georgia.
Estimated real gross domestic product (GDP) declined by 11.5% in January 2021 year-on-year. Last month the following industries of the economy posted negative growth compared to the same period of the previous year:Construction, Transportation and storage, Manufacturing, Accommodation and food service activities, Arts, entertainment and recreation. Real estate activities and others.
The Georgian national currency, the lari, has depreciated in value by 2.6% against the US dollar in the last month. The official exchange rate shows that as of today 1 USD costs 3.4464 GEL (previous rate was 3.4118 GEL) and 1 EUR costs 4.0426 GEL (previous rate was 4.0044 GEL).