Geostat: Georgia’s GDP Shrank by 6.1% in 2020

Due to the preliminary data released today by the National Statistics Office (Geostat), Georgia’s real GDP shrank by 6.1% in 2020.

Executive Director of Geostat, Gogita Todradze, said: “In December 2020, compared to the same period of the previous year, Georgia’s economy decreased by 7.9%. Therefore, the average rate of decline for 12 months is 6.1%”.

The estimated real growth compared to the same period of the previous year was announced negative in the following activities: accommodation and food services; construction; arts, entertainment and recreation; manufacturing; transportation and storage; wholesale and retail trade; repair of motor vehicles and motorcycles.

Despite the overall decline, growth was registered in financial and insurance activities; water supply, sewage and waste management; information and communication; mining and quarrying.

Geostat produces monthly appoximations of real GDP growth rate using administrative data including VAT taxpayers’ turnover, fiscal and monetary statistics.