Geostat: Economy Declined by 13.5% in May 2020

Estimated real Gross Domestic Product (GDP) declined by 13.5% in May 2020 and by 5.4% in the first five months of 2020, shows the latest data published by the National Statistics Office of Georgia (Geostat). 

In May, the estimated real growth compared to the same period of the previous year posted negative in almost all activities.

Executive Director of Geostat Gogita Todradze said that the most notable decrease in May 2020 is connected to the sectors of construction, trade, transportation, hotels, restaurants, real-estate operations, arts, leisure, and recreation.

"The export rates have decreased by about 30%, while the import figures have diminished by 35%. Up to 3200 enterprises were registered in May which lags behind the previous year's figures by 33%", he stressed. 

By Ana Dumbadze 

See the full report by Geostat here 

30 June 2020 13:37