Nominal GDP in 2017 Reaches 38 billion GEL

Last year’s GDP has increased by 11.8%, compared to 2016 figures, reaching a total of 38 billion GEL. This was reported by GeoStat, the National Statistics Office of Georgia, referring to preliminary data.

The real growth over the two years has been an astonishing 5%, adding to the 6.5% growth through deflation of the GEL, announced GeoStat.

The industry sectors with the largest shares are the following:

·       Trade services (17.6 percent)

·       Industry (16.4 percent)

·       Transport and Communication services (10.2 percent)

·       Construction (9.3 percent)

·       Public administration (8.5 percent)

·       Agriculture, Forestry and Fishing (8.2 percent)

·       Real Estate, Renting and Business Activities (6.9 percent)

·       Health and Social work (6 percent)

Photo: Preliminary Data GeoStat GDP 2017

Most sectors could benefit from the positive business environment and experience growth:

·       Construction (11.2 percent)

·       Hotels and Restaurants (11.2 percent)

·       Financial intermediation (9.2 percent)

·       Transport (7.2)

·       Mining and quarrying (7.1 percent)

·       Wholesale and retail trade (6.6 percent)

·       Real estate, renting and business activities (6.3 percent)

·       Manufacturing (5 percent)

Some sectors also have experienced a decrease:

·       Agriculture, hunting and forestry; fishing (-2.7 percent)

·       Processing of products by households (-2.7 percent)

By Benjamin Music