GDP Declined by 5.5 % in July 2020 YoY

Estimated real Gross Domestic Product (GDP) declined by 5.5% in July 2020 Year-Over-Year and by 5.8% in the first seven months of 2020 Year-Over-Year, National Statistics Office of Georgia (Gesotat) reports.  

In July 2020 the estimated real growth compared to the same period of the previous year was posted negative in almost all activities. Growth was registered in Mining and quarrying and Manufacturing.

The Minister of Economy and Sustainable Development Natia Turnava stated that "The 5.5% decline in the economy in July confirms that the Georgian economy is on the path to recovery."

The Minister said while commenting on the economic growth rate in July that the pace of economic decline from month to month is weakening and there is a positive dynamic.

By Ana Dumbadze 

See the full report by Geostat here