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Georgian economy shrinks in January 2021

Business Materials 26 February 2021 12:13
Georgian economy shrinks in January 2021

BAKU, Azerbaijan, Feb.26

By Tamilla Mammadova – Trend:

Estimated real Gross Domestic Product (GDP) declined by 11.5 percent in January 2021 year-on-year in Georgia, Trend reports via the National Statistics Office of Georgia (Geostat).

In January 2021, the estimated real growth compared to the same period of the previous year was posted negative in the following activities: Construction, Transportation and storage, Manufacturing, Accommodation, and food service activities, Arts, entertainment and recreation, Real estate activities, Electricity, gas, steam and air conditioning supply, Wholesale and retail trade; repair of motor vehicles and motorcycles.

Growth was registered in Information and communication, Financial, and Insurance activities.

The decline also affected the results of 2020 as a whole and Georgia's gross domestic product fell by 6.1 percent.

According to the quarters, there were such results in Georgia in 2020:

Quarter 1 - 2.3 percent growth;
Quarter 2 - 13.2 percent drop;
Quarter 3 - 5.6 percent drop;
Quarter 4 - 6.5 percent drop.

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