BAKU, Azerbaijan, Sept. 30
By Tamilla Mammadova – Trend:
The estimated real gross domestic product (GDP) of Georgia declined by 5.3 percent in August 2020 year-on-year and by 5.6 percent in the first eight months of 2020 year-on-year, Trend reports via the National Statistics Office of Georgia (Geostat).
In August 2020, estimated real growth compared to the same period of the previous year was negative in almost all activities, other than mining and quarrying.
According to Geostat, the situation in August compared to July, although slightly, has improved somewhat.
Georgia is forecast to return to the economic growth of 4.5 percent in 2021 thanks to expected recoveries in tourism, private consumption, investment, and net exports, following a contraction this year due to the coronavirus pandemic, says a new Asian Development Bank (ADB) report, the Asian Development Outlook 2020 Update.
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 the projected recovery of growth at 4 percent in 2021.
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