Geostat: Economy Decreased by 2.7% in March

Georgia's economy decreased by 2.7% in March, Gogita Todradze, Executive Director of the National Statistics Office (Geostat) stated at the online briefing today.

He added that the estimated average real gross domestic product (GDP) growth for January-March equaled 1.5% year-on-year.

"Preliminary estimates show that in March, compared to the same period last year, real GDP growth slowed and we are facing a 2.7% decline in the economy. Therefore, the average real growth in the first quarter is 1.5%,” Todradze said.

The Geostat CEO noted that the decrease was observed in almost all sectors except construction, information and communication.

"A decrease was registered in accommodation and food service activities, transportation and storage, arts, entertainment and recreation, wholesale and retail trade; repair of motor vehicles and motorcycles, financial and insurance activities, electricity, gas, steam and air conditioning supply, manufacturing, real estate activities," he said. 

By Ana Dumbadze 

See the full report by Geostat on rapid estimates of economic growth here