...

Georgian economy shrinks in June 2020

Business Materials 1 August 2020 20:14 (UTC +04:00)
Georgian economy shrinks in June 2020

BAKU, Azerbaijan, August 1

By Tamilla Mammadova – Trend:

Estimated real gross domestic product (GDP) declined by 7.7 percent in June 2020 year-on-year in Georgia and by 5.8 percent in the first six months of 2020, year-on-year, Trend reports via the National Statistics Office of Georgia (Geostat).

In June 2020, estimated real growth compared to the same period of the previous year was negative in almost all activities, other than mining and quarrying and water supply, sewerage, waste management and remediation activities.

Georgia's external trade turnover decreased to $5.05 billion (by 18.2 percent year-on-year) from January through June 2020.

In the reporting period, the value of exports decreased by 15.9 percent and reached $1.5 billion year-on-year, while imports decreased by 19.1 percent and amounted to $3.5 billion.

Geostat's data show that 4,309 new enterprises were registered in Georgia in June 2020, which is 10.7-percent increase compared to June 2019.

The World Bank’s recent report Global Economic Prospects 2020 reads that the real GDP will decline in 2020 in Georgia and is estimated to be -4.8 percent, with projected recovery of growth at 4 percent in 2021.

---

Follow the author on Twitter: @Mila61979356

Tags:
Latest

Latest