BAKU, Azerbaijan, Oct. 4
By Maryana Akhmedova - Trend:
Georgia’s TBC Capital published a weekly update on the country’s economic growth, Trend reports via TBC Capital.
The economic growth in Georgia in August 2021 remained solid at 10.3 percent year-on-year, despite worsening traveling conditions due to partial lockdown and rapidly growing COVID-19 cases in the country, the report said.
“The estimated monthly GDP increased by 4.5 percent, compared to 2019 level,” TBC Capital reports.
The report reads that the year-on-year fiscal stance is contractionary for the third month in a row, though being compensated by the tourism inflows.
“Exports softened, while remittances, credit, and imports strengthened, indicating a rebound in the domestic demand,” the report said.
Georgia saw an increase in all industries, except constructing and mining, TBC Capital said.
According to the report, GDP in August 2021 was slightly higher than the 10.5 percent predicted for the full year.
TBC Capital projected the credit growth in coming years to be close to its FX-adjusted trend.
Furthermore, post-election depreciation expectations already have been at least largely materialized, TBC Capital added.
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