GDP Increased 2.6% in Q1, Reports GeoStat

The National Statistics Office of Georgia (GeoStat) announced a 2.6 percent growth in Georgia’s Gross Domestic Product (GDP) during the first quarter of 2016 (Q1).

GeoStat showed that the country’s nominal GDP stood at 7.351 bln GEL (USD 3.02 billion), and the country’s GDP deflator had increased by four percent.

In terms of GDP by activity, preliminary data showed the largest shares were held by: Trade services (15.9 percent); Industry (15.7); Transport and communication services (11.6 percent); Agriculture, fishing, hunting and forestry (9.7 percent); Public administration (8.8% percent); Construction (7.8 percent); Health and social work (6.2 percent); and Real estate, rental and business activities – 6%.

The GeoStat data demonstrated real growth in the quarrying and mining sector (29 percent), construction (25.7 percent), hotels and restaurants (11.7 percent), real estate, renting and business activities (9.4 percent), financial Intermediation (8.4 percent) and education (2.7 percent). A decrease of -3.1 percent occurred in the electricity, gas and water supply sector, -1.7 percent in community, social and personal service activities, and transport saw a drop of -1.1 percent.

GeoStat say the adjusted data will be published in November 2016.

Katie Ruth Davies

Source: www.businessfirstmagazine.com.au