• 2 November 2021

Georgia’s GDP grows 12% for the first eight months of the year

Georgia’s GDP grows 12% for the first eight months of the year

Georgia’s GDP grows 12% for the first eight months of the year 530 380 Anchor

The National Statistics Office of Georgia publishes the preliminary data, according to Geostat Georgia’s GDP shows strong 10.3% growth in August 2021 and 12% for the first eight months of the year 2021. Manufacturing, financial and insurance activities, electricity, gas, steam and air conditioning supply, transportation and storage, trade, hotels and restaurants, entertainment and recreation were among sectors shown biggest growth in August 2021 compared to the same period of the previous year.

A special analysis – “Competition and Firm Recovery Post-COVID-19”, using data from World Bank Enterprise Surveys and Business Pulse Surveys, states that Georgia is leading the Caucasus region with a projected rebound of 8% this year. GDP returned to pre-COVID levels through rising mobility, trade volumes, tax collection, credit growth, and tourism revenues. “The South Caucasus countries, and Georgia in particular, are seeing a robust recovery from the shocks of 2020, supported by pick-up in domestic demand and recovery among external partners,” says Sebastian Molineus, World Bank Regional Director for the South Caucasus. Georgia’s recovery is expected to slow down to 5.5% in 2022 and 5% in 2023.

Influential financial institutions -Asian Development Bank (ADB) also publishes Asian Development Outlook 2021 Update. The report reads, the Georgian economy is expected to grow by 8.5% in 2021 driven by an expansion in agriculture, industry, and services and the gradual lifting of restrictions imposed due to the coronavirus disease (Covid-19) pandemic. “With encouraging growth figures and optimistic business expectations, the prospects for Georgia’s economic growth are looking positive this year and next says ADB Country Director for Georgia Shane Rosenthal.

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