20.Sep .2019 20:20

Georgian economy grows 4.5% in Q2 of 2019

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The real gross domestic product (GDP) growth rate in Georgia in the second quarter (Q2) of 2019 came out to 4.5 per cent year on year (y/y) announces the latest data from National Statistics Office of Georgia (Geostat).

In Q2 of 2019 the nominal GDP amounted to 11.03 billion GEL ($3.72 bln/€3.38 bln).

Real growth was registered in the following activities:

Transport - 17.9%
Real Estate, Renting and Business Activities - 16.9%
Hotels and Restaurants - 14.1%
Electricity, Gas and Water Supply - 11.5%
Communication - 10.8%
Health and Social Work - 9.3%
Wholesale and Retail Trade; Repair of Motor Vehicles, Motorcycles and Personal and Household Goods - 7.4%
Other Community, Social and Personal Service activities - 5.2%
Financial intermediation - 4.3%
Public administration - 3%
Agriculture, Hunting and Forestry; Fishing - 2.1%

A decrease was registered in the following activities:

Education (-7.9%)
Mining and Quarrying (-7.7%)
Construction (-4.6%)
Manufacturing (-4.5%)

The largest shares of GDP by activity are held by:

Trade - 16.8%
Industry - 16.4%
Transport and Communication - 10.9%
Construction - 8.8%
Agriculture, Hunting and Forestry; Fishing - 8.4%
Public administration - 7.8%
Real Estate, Renting and Business Activities - 7.4%

The World Bank forecasts 4.6% economic growth in Georgia in 2019, 4.8% in 2020 and 5% in 2021, shows the Europe and Central Asia Economic Update of the World Bank.

The Asian Development Bank has also published its economic forecast recently, which said that the Georgian economy will grow by 5% in 2019 and by 4.9% in 2020.

Source - Agenda.ge