Georgian economy up 10.6% in March
The estimated real Gross Domestic Product of Georgia increased by 10.6 percent in March 2022 year-on-year, while the average GDP grew by 14.4 percent in the first quarter. Photo: Nino Alavidze/Agenda.ge.
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The estimated real Gross Domestic Product of Georgia increased by 10.6 percent in March 2022 year-on-year, while the average GDP grew by 14.4 percent in the first quarter, the latest data from the National Statistics Office of Georgia shows.
The largest share of GDP growth was posted in the following sectors:
- Manufacturing
- Transportation and storage
- Electricity, gas, steam and air conditioning supply
- Hotels and restaurants
- Real estate activities
- Arts, entertainment and recreation
- Mining and Quarrying
- Construction
Geostat also revealed a total of 9,114 new businesses had been registered in March, marking a 72.3 percent increase compared to the same month last year.
In the reported period, VAT taxpayers’ turnover amounted to 10.9 billion gel, a 24.4 percent increase year-on-year.
Responding on the issue, Vakhtang Tsintsadze, Head of the Department of Economic Analysis and Reforms at the Ministry of Economy, said the economic growth in March was boosted by increased economic activities in construction, industry and energy sectors.
Tsintsadze also said the Government-initiated projects, as well as the expansion of local production and tourism recovery were the main factors of economic growth in the first quarter of 2022.
The nominal gross domestic product (GDP) of Georgia amounted to 60.23 billion GEL ($18.7bln/€16.94bln) in 2021, up by 22.3 percent year-on-year, while the real growth of GDP also increased by 10.4 percent, the preliminary data from the National Statistics Office of Georgia (Geostat) show.
Turkey ($354.4 million), Russia ($274.6 million) and Azerbaijan ($248.8 million) are the top trading partners of Georgia in total external trade turnover in January-February 2022, preliminary data from the National Statistics Office of Georgia (Geostat) show.
The estimated real Gross Domestic Product (GDP) of Georgia increased by 14.6 percent in February 2022 year-on-year, while the average real GDP grew by 16.3 percent in January-February, the latest data from the National Statistics Office of Georgia (Geostat) shows.
The Consumer Price Index in Georgia grew by 1.8 percent in April 2022 month-on-month, while the annual inflation rate totalled 12.8 percent, the National Statistics Office of Georgia announced on Tuesday.
The World Bank is “ready to provide assistance” to Georgia during the “difficult” period involving challenges created by the financial impacts of the Russian invasion of Ukraine, Sebastian Molineus, the Bank’s Regional Director for the South Caucasus, said on Wednesday.
Georgia’s tourism industry has recovered to 70 percent capacity compared to the pre-pandemic period in 2019, Georgian Prime Minister Irakli Garibashvili said earlier today, adding the country was experiencing “double-digit” growth in the economy.
The estimated real Gross Domestic Product of Georgia grew by 2.6 percent in April 2022 year-on-year, while the average real GDP increased by 10.8 percent between January-April, the latest data from the National Statistics Office of Georgia show.