Georgia's economy grew by almost 30% in the second quarter of 2021
Georgia’s economic growth reached 30%
The economy of Georgia grew by 29.9% in the second quarter of 2021 compared to the previous year and amounted to 15 billion 912.7 million lari (about $ 5.12 billion), according to the National Statistical Office of Georgia.
According to Geostat, the following industries contributed significantly to growth in the second quarter:
● Wholesale and retail trade (53.9%)
● Manufacturing industry (42.3%)
● Arts, entertainment and recreation (133.6%)
● Transport and logistics (47%)
● Construction (36.9%)
● Accommodation and meals (75.5%)
● Financial and insurance activities (45.5%)
A slight decrease was observed in agriculture, forestry and fisheries (-2.3%), as well as in education (-1.4%).
In the structure of GDP, the largest share is accounted for by trade and production. The consequent positions are occupied by real estate operations and construction.
- Approximately 38% of people with university degrees are unemployed in Georgia
- 21.3% of Georgia’s population lives below the poverty line
The National Statistical Office of Georgia has calculated by how much Georgia’s economy contracted during the 2020 pandemic. The economy contracted by 6.1% in 2020, a record decline in 26 years, according to Geostat.
The recession in 2020 is larger than in 2008 – amid the global economic crisis and the August war. The main reason for the recession is a pandemic and months of isolation.
According to Geostat, December was the most difficult month for the Georgian economy, when the country was completely closed due to a particularly difficult epidemiological situation.
Georgia’s economy has grown every year since 1994, with the exception of 2009, when it contracted 3.65% due to the Russian-Georgian war. For comparison: in 2014-2019, the Georgian economy grew by an average of 4.17%.