Georgian economy up 18% in January
In other data, a total of 3,235 new businesses were registered in January, a 14.1 percent increase compared to the same month last year. Photo: Nino Alavidze/Agenda.ge.
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The estimated real Gross Domestic Product (GDP) of Georgia increased by 18 percent in January 2022 year-on-year, the latest data from the National Statistics Office of Georgia (Geostat) shows.
The agency also released a breakdown of the highest real GDP growth by sectors, with the most increase observed in:
- Manufacturing
- Transportation and storage
- Electricity, gas, steam and air conditioning supply
- Trade
- Hotels and Restaurants
- Arts, entertainment and recreation
- Real estate activities
- Mining and quarrying
A reduction was registered in construction, information and communication sectors, Geostat also said.
In other data, a total of 3,235 new businesses were registered in January, a 14.1 percent increase compared to the same month last year. In the same month, Value Added Tax (VAT) payers’ turnover amounted to 8.3 billion GEL, a 39.8 percent increase year-on-year. Exports of goods in January totalled $331.3 million, increasing by 47.6 percent.
Image: Geostat
Georgian Prime Minister Irakli Garibashvili said the pace of the growth of the country’s economy needed to be maintained, adding ”we should continue to build the country and calmly manage the process.”
The World Bank’s report on Global Economic Prospects 2022 says the Georgian economy is projected to grow 5.5 percent in 2022 and 5 percent in 2023, while the Asian Development Bank’s 2021 Outlook predicts a 6.5 percent growth for the country’s economy this year.
Commercial banks in Georgia loaned 42.16 billion GEL and received deposits of 36.77 billion GEL in January 2022, the National Bank of Georgia (NBG) says.
Turkey ($168.7 million), Russia ($128.6 million) and Azerbaijan ($122 million) are the top trading partners of Georgia in total external trade turnover in January 2022, preliminary data from the National Statistics Office of Georgia (Geostat) show.
Georgia has exported locally produced goods worth $331.3 million in January 2022, which is 47.6 percent higher year-on-year, the preliminary data from the National Statistics Office of Georgia (Geostat) show.
The Consumer Price Index in Georgia increased by 0.9 percent in February 2022 month-on-month, while the annual inflation rate totalled 13.7 percent, the latest inflation data of the National Statistics Office of Georgia (Geostat) shows.
Georgia’s “unprecedented” economic growth this year should be maintained and increased, Prime Minister Irakli Garibashvili said at the Government meeting on Monday.
The ongoing hostilities in Ukraine and their impact on the world and the Black Sea region were discussed during an online meeting between Georgian Finance Minister Lasha Khutsishvili and Tony McDonald, Executive Director of Asian Development Bank (ADB) on Monday.
The trends and dynamics of the economic growth, exports and tourism in Georgia were at the top of the agenda of a meeting between Georgian Prime Minister Irakli Garibashvili and chairpersons of the Business Association and Georgian banks on Tuesday.
The Georgian government has demonstrated a very high level of crisis management several times, Levan Davitashvili, the Minister of Economy and Sustainable Development, said on Tuesday.
Macroeconomic parameters in Georgia are “very healthy and stable” and depreciation of the Georgian lari exchange rate is mainly caused by “emotional factors,” Georgian Economy Minister Levan Davitashvili said on Tuesday.
Georgian Agriculture Minister Otar Shamugia has said no shortage in stocks of food and primary consumer goods is observed in Georgia following the outbreak of hostilities in Ukraine last month, stressing the importance of maintaining a “stable supply” of products in the market and avoiding “unreasonable price increases”.
The National Bank of Georgia (NBG) offered 50 million USD at the foreign exchange auction on Wednesday of which 39.5 million USD was sold, the bank announced yesterday. In the first foreign exchange intervention this year, the NBG made the sale with an average weighted rate of 3.3947.
A total of 165,626 international travellers visited Georgia in February 2022, marking a 35.3 percent recovery from the pre-pandemic 2019 figures and an increase of 297 percent compared to 2021, the Georgian National Tourism Administration (GNTA) announced on Friday.
Average monthly earnings in Georgia increased by 149.1 GEL ($46.5/€42) in the fourth quarter of 2021, a 11.3 percent increase compared to the same period of the previous year, and amounted to 1,463.8 GEL ($456.5/€412.7), data from the National Statistics Office of Georgia (Geostat) show.
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.
Georgia has exported locally produced goods worth $760.4 million in January-February 2022, which is 54.5 percent higher year-on-year, 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 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.
An increase in prices of construction materials in the market due to the global pandemic and the ongoing war in Ukraine was the focus of a meeting between Georgian Economy Minister Levan Davitashvili and representatives of Georgian construction companies on Monday.