Georgian economy shrinks 3.9% in October y/y
Georgia’s economy contracted 3.9% in October, while growth was down a total of 5.1% in the first ten months of 2020, Geostat reports.
The recession is expected to increase even more as a result of additional lockdown measures announced by the government on November 26.
Before the austerity measures were introduced, the government had forecast a 5% contraction in the economy, but this figure is likely to change due to the new restrictions.
Prime Minister Gakharia wagered the economic cost of the new restrictions would be about 0.7% – 0.8% of GDP.
The economic growth rates by month this year are as follows:
- January: 5.1%
- February: 2.2%
- March: -2.7%
- April: -13.5%;
- May: -16.6%
- June: -7.7%
- July: -5.5%
- August: -5.3%
- September: -0.7%
- October: -3.9%.