Estimated real gross domestic product (GDP) declined by 16.6% YoY in April and by 3.6% in the first four months of 2020, showed the latest data from the National Statistics Office of Georgia (Geostat).
In April estimated real growth compared to the same period of the previous year was negative in almost all activities. Growth was registered in mining and quarrying.
Executive Director of Geostat Gogita Todradze said that construction made the biggest contribution to the 16.6% decline in the Georgian economy in April, followed by trade and manufacturing.
“Despite the ongoing infrastructure projects in the construction sector, there has been a downward trend in the construction of residential and non-residential buildings”, he said.
Todradze said that the import of construction materials declined by 34% and the import of cement and clinker by 65%.
As for the trade sector, there the decline was mainly due to a decrease in the volume of trade in automobiles and parts.
Todradze said that the re-export of automobiles decreased by 87% and the import of oil products by 27%. (Agenda/Business World Magazine)