Georgia’s GDP growth rate up 2.6% in April
In the reported period, Value Added Tax payers’ turnover totalled ₾9.6 billion ($3.1bln/€2.9bln), an 11.7 percent growth year-on-year. Photo: Nino Alavidze/Agenda.ge
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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.
The GDP growth in April was observed in the following sectors:
- Transportation and storage
- Hotels and restaurants
- Electricity, gas, steam and air conditioning supply
- Financial and insurance activities
- Arts, entertainment and recreation
- Mining and quarrying
A decline was posted in construction, manufacturing, professional, scientific and technical activities and trade in the reported month.
Image: Geostat
The Agency also revealed overall 6,894 new businesses had been registered in April, marking a 41.4 percent increase compared to the same month of last year. In the reported period, Value Added Tax payers’ turnover totalled ₾9.6 billion ($3.1bln/€2.9bln), an 11.7 percent growth year-on-year.
Additionally, exports of goods in January-April 2022 amounted to $1.5 billion, posting an increase of 32.8 percent.
World Bank will increase its economic growth forecast for Georgia to 5.5 percent from the lately forecasted 2.5 percent, Sebastian Molineus, the Regional Director for the South Caucasus, was cited as saying by online media outlet bm.ge.
Molineus noted the Georgian economy showed an “amazing resistance and firmness” with an “impressive” increase in the first quarter of this year.
The international financial institution’s Europe and Central Asia Economic Update in April projected the Georgian economic growth to slow to 2.5 percent from the previously projected 5.5 percent due to the war in Ukraine.
A total of 17.5 percent of the Georgian population was under the absolute poverty line in 2021, a 3.8 percentage point decrease compared to the previous year, the latest data of 2021 poverty indicators published by the National Statistics Office of Georgia show.
Remittances to Georgia from abroad equalled $308.1 million in April, marking a 58.8 percent increase compared to the same period of last year, the National Bank of Georgia revealed on Monday.
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 Georgian economic growth is expected to slow to 2.5 percent in 2022 due to ongoing hostilities in Ukraine, the World Bank’s Europe and Central Asia Economic Update said.
The Consumer Price Index in Georgia increased by 1.1 percent in May 2022 month-on-month, while the annual inflation rate equaled 13.3 percent, the National Statistics Office of Georgia announced on Friday.
The Georgian economy is projected to grow 5.5 percent in 2022 and next year, followed by a 5 percent growth in 2024, the June edition of the World Bank’s Global Economic Prospects report has said.
TBC Capital, a Georgian brokerage, advisory and investment bank, on Monday forecast an eight percent growth for the country’s economy in the ongoing year.
Georgia received $505.7 million from abroad in May 2022, which is 169.4 percent more than the amount in May 2021, says the National Bank of Georgia.
The nominal Gross Domestic Product amounted to ₾14,35 billion in the first quarter of 2022, the latest data from the National Statistics Office of Georgia show. "The real GDP increased by 14.9 percent year-on-year, while the GDP deflator rose by 8.7 percent", said Geostat.
The Georgian economy grew by 11.6 percent in May and by 11.2 percent in the first five months of 2022 year-on-year, the latest data from the National Statistics Office of Georgia show.
The estimated real Gross Domestic Product of Georgia grew by 9.7 percent in July 2022 year-on-year, while the average real GDP increased by 10.3 percent between January-July, the latest data from the National Statistics Office of Georgia shows.