The economy of Georgia will recover from the impact of COVID-19 in 2021 with a 4.5% growth after experiencing a substantial slowdown in 2020 due to the pandemic and lower oil prices, reads the Asian Development outlook, a financial publication of the Asian Development Bank (ADB). The ADB projects gross domestic product (GDP) growth to…
Georgian gross domestic product (GDP) grew by 2.2% YoY in February, showed the latest data from the National Statistics Office of Georgia (Geostat). In February, the estimated real growth compared to the same period of the previous year occurred in the following sectors: wholesale and retail trade; repair of motor vehicles and motorcycles, information and…
As of December 2019, the external debt of Georgia amounted to $18.6 billion, which was 105.1% of the gross domestic product of the year, said the National Bank of Georgia. During the fourth quarter of 2019, the gross external debt of Georgia increased by $729 million. Out of that, a $529.5-million increase was due to…
Agriculture Minister Levan Davitashvili has stated that products exported from Marneuli and Bolnisi quarantine zones in the country’s east are “absolutely safe and harmless” in terms of spread of the new coronavirus – COVID-19. “Products have to be brought from Marneuli and Bolnisi Municipalities and delivered to the Georgian markets, because they are absolutely safe…
Enterprise Georgia agency is starting a new program to co-finance family-owned, small and medium-size hotels in Georgia. As reported, the program will seek to alleviate financial problems in the tourism industry due to the spread of the coronavirus. The program aims to support family-owned, medium and small-size hotels so that they continue operating in the…
Electricity consumption in Georgia in February increased by 9.9% YoY and amounted to 149.23 million kWh, the Electricity System Commercial Operator of Georgia (ESCO) reported. According to ESCO, electricity consumption by cryptocurrency factories and manufacturers increased by 57.6%. In the reporting period, Tbilisi consumed 8.5% more electricity than in the same period last year. As…
Georgia’s domestic exports (exports without re-exports) amounted to $526.3 million in January-February, up by 4.5% YoY, showed the preliminary data from the National Statistics Office of Georgia (Geostat). The share of domestic exports (export of locally produced goods and services, including those of foreign origin that have been substantially changed through local processing) in total…