30.Apr .2020 11:59

Economy decreased by 2.7 per cent in March


Geostat publishes rapid estimates of economic growth. According to Geostat, the estimated real Gross Domestic Product (GDP) growth rate in March 2020 equaled -2.7 percent YoY. The estimated average real GDP growth for Q1 2019 equaled 1.5 percent YoY.

In March 2020 the estimated real growth compared to the same period of the previous year was posted in the following activities: Construction, Information and communication.

A decrease was registered in Accommodation and food service activities, Transportation and storage, Arts, entertainment and recreation, Wholesale and retail trade; repair of motor vehicles and motorcycles, Financial and insurance activities, Electricity, gas, steam and air conditioning supply, Manufacturing, Real estate activities.

According to Geostat, the number of currently registered enterprises (unit) decreased by 47% amounting to 2,426.

Turnover of Value Added Tax (VAT) payers has made up 6.3 billion GEL, which exceeds by 0.7% comparing to the rate of 2019.

To remind, the IMF and the NBG predict economic decline of -4 per cent in 2020. However, GDP growth is predicted at 3% by 2021.