Georgia's GDP for 1H2021 revealed

Georgia Materials 30 July 2021 18:02 (UTC +04:00)
Georgia's GDP for 1H2021 revealed

BAKU, Azerbaijan, July 30

By Klavdiya Romakayeva - Trend:

The estimated real gross domestic product (GDP) growth rate in June 2021 equaled 18.7 percent and 12.7 percent in 1H2021, Trend reports citing Georgian media.

According to the preliminary data of the National Statistics Office of Georgia (Geostat), manufacturing, financial and insurance activities, transportation and storage, trade, hotels and restaurants, real estate activities and construction grew in June 2021, compared to the same period of the previous year.

Geostat reported that a decline was registered in mining and quarrying. Thus, in 1H2021, the export of goods increased by 25.2 percent, while imports increased by 18.9 percent. In addition, foreign trade turnover increased by 20.7 percent.

Georgian Economy Minister Natia Turnava stated earlier today that there is economic growth in 'almost every industry,' noting that she expects the current year to end 'with at least 7.7 percent of economic growth, as well as employment growth.’

Earlier, the Asian Development Bank (ADB)’s Outlook 2021 report said that the Georgian economy is expected to grow 3.5 percent in 2021, rebounding with the gradual lifting of the COVID-19 pandemic restrictions and revival of domestic demand.

Also, the ‘Europe and Central Asia Economic Update’ published by the World Bank reads that the Georgian economy is unlikely to recover to pre-COVID-19 levels until late 2022.


Follow the author on Twitter: @romakayeva