03.Feb .2020 19:08

Fady Asly: Georgian economy decreased by 4.8% in US

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Fady Asly, Chairman at International Chamber of Commerce in Georgia writes on his official Fcebook page that despite the fact, Georgian economy officially increased by 5.2% in 2019 and this is far from being any kind of growth to celebrate.

“The mean exchange rate of USD/GEL in 2018 was 2,5345 and for 2019 it was 2,8192 (source Geostat)

Hence the GEL has devalued in 2019 by 10% year on year.

GDP growth in GEL in 2019 was 5.2%, meaning that the nominal GDP growth in USD value is in reality -4.8%

Our economy has therefore shrank by 4,8% in USD but grew 5.2% in GEL due to devaluation and this is far from being any kind of growth to celebrate!”, - Fady Asly writes.

To remind, Geostat has published economic growth report on December 31, 2020. According to it, real GDP growth has made up 5.2%.