BAKU, Azerbaijan, March 31
Tamilla Mammadova – Trend:
Estimated real Gross Domestic Product (GDP) declined by 5.1 percent in February 2021 year-on-year and by 8.3 percent from January through February of 2021 year-on-year in Georgia, Trend reports via the National Statistics Office of Georgia (Geostat).
In February 2021, the estimated real growth compared to the same period of the previous year was posted negative in the following activities: Construction, Accommodation service activities, Arts, entertainment and recreation, transportation and storage, Real Estate activities, Manufacturing.
Growth was registered in Financial and Insurance activities, Trade, Water supply; sewerage, waste management activities.
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.
Geostat produces monthly rapid estimates of real GDP growth rate using administrative data on VAT taxpayers’ turnover, fiscal and monetary statistics.
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 Asian Development Bank (ADB) report, the Asian Development Outlook 2020 Update.
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