Saturday, 31 July 2021 07:00 GMT

Georgian economy grows year-on-year


(MENAFN - Trend News Agency ) BAKU, Azerbaijan, July 10

By Tamilla Mammadova – Trend:

The Georgian economy grew by 4 percent year-on-year in March 2021, posting growth for the first time in a year, Trend reports via the National Statistics Office of Georgia (Geostat).

As reported, the average real gross domestic product (GDP) declined by 4.2 percent in the first quarter of 2021 year-on-year.

Last month the following industries of the economy posted growth compared to the same period of the previous year:

- Financial and insurance activities;
- Trade;
- Manufacturing;
- Real estate activities;
- Electricity, gas, steam, and air conditioning supply;
- Transportation and storage;
- Information and communication.

A decline was registered in:

- Construction;
- Mining and quarrying;
- Arts, entertainment, and recreation.

The Georgian economy is expected to grow by 3.5 percent in 2021, rebounding with the gradual lifting of the COVID-19 pandemic restrictions and revival of domestic demand, reads the Asian Development Bank (ADB) Outlook 2021.

The ADB projected Georgia's gross domestic product (GDP) growth to accelerate to 6 percent in 2022 as a full reopening of the economy and expected recovery in tourism will boost travel and commerce.

The World Bank says that the Georgian economy is projected to expand to 4 percent in 2021 and then to firm to 5 percent in 2022.

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