The estimated real gross domestic product (GDP) growth rate in June equaled 18.7% YoY and 12.7% in January-June , the preliminary data of the National Statistics Office of Georgia (Geostat) showed.
The following industries of the economy posted growth in June compared to the same period of the previous year: manufacturing, financial and insurance activities, transportation and storage, trade, hotels and restaurants, real estate activities and construction.
Geostat reported that a decline was registered in mining and quarrying.
Based on the Geostat report, in January-June, the export of goods increased by 25.2% and imports by 18.9%.
Foreign trade turnover increased by 20.7%.
In June 2020, the Georgian economy decreased by 7.7%.
Compared to the same month of 2019, the country’s economy has grown by 9.5%.
The Georgian economy is expected to grow by 3.5% in 2021, rebounding with the gradual lifting of the Covid-19 pandemic restrictions and revival of domestic demand, the Asian Development Bank (ADB)’s Outlook 2021 report reads.
The “Europe and Central Asia Economic Update” published by the World Bank reads that the Georgian economy is unlikely to recover to pre-Covid levels until late 2022. (Agenda/Business World Magazine)
