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Estimated real gross domestic product declines in Georgia

Business Materials 30 October 2020 16:22 (UTC +04:00)
Estimated real gross domestic product declines in Georgia

BAKU, Azerbaijan, October 30

By Tamilla Mammadova – Trend:

Estimated real gross domestic product (GDP) declined by 0.7 percent in September 2020 year-on-year in Georgia and by five percent in the first nine months of 2020 year-on-year, Trend reports via the National Statistics Office of Georgia (Geostat).

In September 2020, estimated real growth compared to the same period of the previous year was negative in transportation and storage, accommodation and food service activities, arts, entertainment and recreation, construction, professional, scientific and technical activities Information and communication

On the other hand, increase was registered in manufacturing, mining and quarrying, wholesale and retail trade, financial and insurance activities.

"Economic growth rate was minus 0.7 percent in September, which directly indicates the serious potential for rapid economic recovery and recovery of the country. Based on this data, the international financial organizations, our partners, state that Georgia is the country that has the most real chance to be a leader in the region in terms of economic recovery. We must do everything we can to maintain this success," said Georgian Prime Minister Giorgi Gakharia.

Georgia is forecast to return to 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 projected recovery of growth at 4 percent in 2021.

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