Baku, Azerbaijan, July 5
By Tamilla Mammadova - Trend:
In the first quarter of 2019, GDP of Georgia was 4.9 percent, Trend reports with reference to Georgian National Statistics Office Sakstat (Gruzstat).
In the sectoral structure of GDP, the largest share accounts for trade (16.8 percent), industry (16.6 percent), transport and communications (10.9 percent), public administration (8.1 percent), construction (8 percent), operations with real estate (7.3 percent), health and social assistance (7.1 percent), and agriculture and fisheries (6.4 percent).
The highest GDP growth was recorded in the spheres as education (15.7 percent), hotels and restaurants (13.1 percent), transport (12.8 percent), communications (12.3 percent), health care and social assistance (11.4 percent), real estate operations (11.1 percent), trade (6.7 percent), public administration (6.2 percent), municipal, social and personal services (4.8 percent), electricity production and distribution (4.3 percent), and financial activity (3.7 percent).
The largest growth in January-March 2019 were shown by the areas of education, hotels and restaurants, and transport .
The decline was recorded in construction (-9.6 percent), mining industry (-3.8 percent), in agriculture and fisheries (-0.3 percent).
According to the Statistics Office, comparison of the dynamics of GDP growth in Georgia over past five years shows the largest growth occurred in 2017 (+5.3 percent), mainly due to export increase, tourism revenues and remittances from abroad.
At current prices, GDP in January-March 2019 amounted to about $3.7 billion dollars, and the deflator for the reporting period amounted to 2.4 percent.
In the state budget for 2019, the economic growth forecast is 4.5 percent. As for the following years, the forecast say that in 2022, the economic growth will amount to 6 percent.
In turn, the World Bank has worsened the economic growth forecast for Georgia for 2019. According to the World Bank, the economic growth rate will slow down in 2019, but will reach 5 percent by 2021.
(1 USD = 2.81 GEL on July 5)