The estimated real Gross Domestic Product (GDP) increased by 12% YoY in November 2021 and by 10.7% in January-November 2021, the latest data from the National Statistics Office of Georgia (Geostat) showed.
The highest real GDP growth was registered in the following sectors: manufacturing, transportation and storage, arts, entertainment and recreation, trade, hotels and restaurants, financial and Insurance activities.
Meanwhile, a decrease was registered in construction.
A total of 4,441 new businesses were registered in November 2021, up by 28.5%.
Value added tax (VAT) payers’ turnover amounted to 9.9 billion GEL, up by 32.6%.
Exports of goods in November 2021 totaled $3.8 million, up by 26.7%.
Economy Minister Natia Turnava stated that the end of 2021 seeing two-digit economic growth “is a very important indicator that 2022 will be a year of accelerated development”.
Finance Minister Lasha Khutsishvili said that “as of the end of 2022, the volume of our economy will approach 65 billion GEL, and GDP per capita will be more than $5,600”.
Prime Minister Irakli Garibashvili also stated that GDP in Georgia would reach a historic high in January of 65 billion GEL (about $20 billion or EUR 18 billion).
The Georgian parliament approved the updated state budget 2022 for Georgia on December 17, 2021 planned with an economic growth forecast of 6%. The budget total is 19.1 billion GEL.
The Asian Development Bank’s Outlook 2021 report reads that the Georgian economy is projected to grow by 6.5% in 2022. (Agenda/Business World Magazine)