Georgia: As per the recent data from the Georgian National Statistics Office (Geostat), the projected real Gross Domestic Product climbed by 10.6% year over year in March 2022, while the average GDP jumped by 14.4% in the first quarter.
The sectors which contributed the most to GDP growth are as follows :
- Arts, entertainment and recreation
- Construction
- Electricity, gas, steam and air conditioning supply
- Hotels and restaurants
- Mining and Quarrying
- Manufacturing
- Real estate activities
- Transportation and storage
In March, Geostat reported that a total of 9,114 new businesses were registered, which shows a 72.3 per cent rise increase compared to the same month last year.
Moreover, VAT taxpayers’ turnover increased by 24.4 per cent year on year to 10.9 billion gel in the reporting period.
In response to the problem, Vakhtang Tsintsadze, Head of the Ministry of Economy’s Department of Economic Analysis and Reforms, noted that increasing economic activity in the construction and energy sectors helped March’s growth.
Tsintsadze further stated that in the first quarter of 2022, government-led initiatives, as well as the expansion of local production and tourism revival, were the key drivers of economic growth.
The standard measure of the value-added created by the production of goods and services in a country during a certain period is the gross domestic product (GDP). As a result, it also accounts for the revenue generated by that production, as well as the overall amount spent on final goods and services (less imports).