Georgian economy up 10.6% in 2021
The World Bank’s report Global Economic Prospects 2022 says that the Georgian economy is projected to grow 5.5% in 2022 and 5% in 2023. Photo: Nino Alavidze/Agenda.ge.
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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.
The highest real GDP growth was posted in the following sectors:
- Manufacturing
- Transportation and storage
- Trade
- Hotels and restaurants
- Electricity, gas, steam and air conditioning supply
- Real estate activities
- Arts, entertainment and recreation
Meanwhile, a decrease was registered in construction.
A total of 4,553 new businesses were registered in December 2021, which is a 21% increase compared to the same period last year.
In December 2021, Value Added Tax (VAT) payers’ turnover amounted to 11.5 billion GEL, a 31.2% increase year-on-year.
Image: Geostat.
Exports of goods in December totalled 4.2 million USD, increasing by 26.9%.
In 2020 the Georgian economy declined by 6.1% year-on-year due to the lockdown caused by the global pandemic.
The World Bank’s report Global Economic Prospects 2022 says that the Georgian economy is projected to grow 5.5% in 2022 and 5% in 2023.
The Asian Development Bank’s Outlook 2021 report reads that the Georgian economy is projected to grow 6.5% in 2022.
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).