26.Feb .2021 12:30

Georgian economy shrank in January

Georgian economy shrank in January
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Estimated real gross domestic product (GDP) declined by 11.5% in January 2021 year-on-year, show the latest data from the National Statistics Office of Georgia (Geostat).

According to Geostat, in January 2021 the estimated real growth compared to the same period of the previous year was posted negative in the following activities: Construction, Transportation and storage, Manufacturing, Accommodation and food service activities, Arts, entertainment and recreation, Real estate activities, Electricity, gas, steam and air conditioning supply, Wholesale and retail trade; repair of motor vehicles and motorcycles.

Growth was registered in Information and communication, Financial and Insurance activities.

Economic growth also had a negative impact on exports, which fell by 16.2%.

Overall, the turnover of VAT-paying enterprises in January was 5.88 billion GEL, which is 8.1% less comparing to the previous year. The number of newly registered companies also decreased by 23% in January.

The annual decline of 6.1% in 2020 is a record high since 1994.

Geostat will publish more detailed statistics on economic growth later.