Georgia’s GDP growth rate reaches 10.4% in 2021
In the fourth quarter of 2021, the nominal GDP equalled 17.22 billion GEL ($5.35bln/€4.84bln), with the real GDP growth increased by 8.8 percent compared to the same period of the previous year. In 2020, the real growth of GDP decreased by 6.2 percent. Photo: Nino Alavidze/Agenda.ge
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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.
The largest share of GDP growth was posted in the following sectors:
- Wholesale and retail trade; repair of motor vehicles and motorcycles (16.6%)
- Manufacturing (11.7%)
- Real estate activities (10.2%)
- Construction (8%)
- Agriculture, forestry and fishing (7%)
- Public administration and defence; compulsory social security (6.5%)
- Transportation and storage (6.2%)
- Financial and insurance activities (5.2%)
- Human health and social work activities (4.8%)
Real growth was registered in:
- Wholesale and retail trade; repair of motor vehicles and motorcycles (19.9%)
- Transportation and storage (27.6%)
- Arts, entertainment and recreation (43.1%)
- Human health and social work activities (28.7%)
- Financial and insurance activities (23.5%)
- Real estate activities (9.2%)
- Manufacturing (9%)
- Accommodation and food service activities (29.8%)
- Electricity, gas, steam and air conditioning supply (33.5%)
- Information and communication (23.9%)
- Mining and quarrying (13.5%)
The reduction in the real value-added was recorded following fields:
- Construction (-21.8%)
- Agriculture, forestry and fishing (-1.4%)
- Education (-2.3%)
- Public administration and defence; compulsory social security (-0.9%)
In the fourth quarter of 2021, the nominal GDP equalled 17.22 billion GEL ($5.35bln/€4.84bln), with the real GDP growth increased by 8.8 percent compared to the same period of the previous year. In 2020, the real growth of GDP decreased by 6.2 percent.
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.
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.
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) of Georgia increased by 18 percent in January 2022 year-on-year, the latest data from the National Statistics Office of Georgia (Geostat) shows.
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.
The Construction Cost Index in Georgia increased by 13.6 percent in the fourth quarter of 2021 compared to the same period of the previous year, the National Statistics Office of Georgia (Geostat) announced on Thursday.
Commercial banks in Georgia loaned 43.25 billion GEL ($13bln/€12bln) and received deposits of 37.63 billion GEL ($11bln/€10bln) in February 2022, the National Bank of Georgia (NBG) announced on Friday.
Construction companies in Georgia will be offered a state package for long-term financing plans to boost the sector, Georgian Prime Minister Irakli Garibashvili announced on Monday.
The National Bank of Georgia (NBG) has decided to increase the refinancing rate by 0.5 percentage points to 11 percent on Wednesday at its Monetary Policy Committee (MPC).
Georgian external trade turnover amounted to $3.8 billion in January-March 2022, posting a 38 percent increase year-on-year, the National Statistics Office of Georgia (Geostat) revealed on Wednesday.
Turkey ($562.4 million), China ($461.9 million) and Russia ($383.3 million) were the top trading partners of Georgia in its total external trade turnover in January-March 2022, preliminary data from the National Statistics Office of Georgia show.
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.