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Wednesday, March 22, 2023

Geostat: Georgian economy up 14.6% in February

In Georgia, according to the latest statistics from Georgia's National Statistics Office (Geostat), the estimated real Gross Domestic Product (GDP) climbed by 14.6 percent year on year basis in February 2022, while the average real GDP rose by 16.3 percent in January-February.

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In Georgia, according to the latest statistics from Georgia’s National Statistics Office (Geostat), the estimated real Gross Domestic Product (GDP) climbed by 14.6 percent year on year basis in February 2022, while the average real GDP rose by 16.3 percent in January-February.

The following sectors contributed the most to GDP growth:

  • Manufacturing
  • Transportation and storage
  • Gas, electricity, steam, and air conditioning supply
  • Restaurants and hotels
  • Real estate activities
  • Arts, entertainment, and recreation
  • Quarrying and Mining

The agency also announced that 4,115 new businesses were registered in February, down 6.9% from the same month compared┬áto┬áthe previous year. In the reported period, Value Added Tax (VAT) payers’ turnover amounted to 8.9 billion GEL, up 27.3 percent year on year. Meanwhile, goods exports increased by 54.5 percent to $760.4 million in January-February.

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Moreover, on Wednesday, the National Bank of Georgia (NBG) said that its projections for Georgia’s economic growth in 2022 had been cut from 5% to 3-4 percent.

Georgia’s real GDP growth climbed by 10.4 percent in 2021, while in the first month of this year, the increase amounted to 18 % year-on-year.

The Georgian economy is expected to increase 5.5 percent in 2022 and 5 percent in 2023, according to the World Bank’s Global Economic Prospects 2022 report, while the Asian Development Bank’s 2021 Outlook expects 6.5 percent growth this year.

 

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