The estimated real Gross Domestic Product (GDP) of Georgia increased by 14.6% YoY in February, while the average real GDP grew by 16.3% in January-February, the latest data from the National Statistics Office of Georgia (Geostat) showed.
The largest share of GDP growth was posted in the following sectors: manufacturing, transportation and storage, electricity, gas, steam and air conditioning supply, hotels and restaurants, real estate activities, arts, entertainment and recreation, mining and quarrying.
The agency also revealed a total of 4,115 new businesses were registered in February, down by 6.9%. In the reported period, Value Added Tax (VAT) payers’ turnover amounted to 8.9 billion GEL, up by 27.3%. Meanwhile, exports of goods in January-February totaled $760.4 million, increasing by 54.5%.
The National Bank of Georgia announced on March 30 its estimations of economic growth of Georgia in 2022 was reduced from 5% to 3-4%.
In 2021, the real GDP growth of Georgia increased by 10.4%, while in January the increase amounted to 18%.
The World Bank’s report on Global Economic Prospects 2022 says the Georgian economy is projected to grow by 5.5% in 2022 and by 5% in 2023, while the Asian Development Bank’s 2021 Outlook predicts a 6.5% growth for the country’s economy this year. (Agenda/Business World Magazine)