18.Jun .2021 16:00

Geostat Revised Results: Economic Decline in Q1 Was 4.5% Instead of 4.2%

Geostat Revised Results: Economic Decline in Q1 Was 4.5% Instead of 4.2%
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Today, Geostat released a revised report on economic growth, reflecting the figures for the first quarter of 2021. According to the preliminary estimates published so far, the Georgian economy shrank by 4.2% during this period compared to the same period last year. Still, according to the updated results today, the economic decline is higher and is minus 4.5%.
 
According to Geostat, in January-March, the size of the Georgian economy amounted to 11.27 billion GEL in current prices, which is 0.2 billion GEL more than in the same period in 2020, but due to high inflation, the GDP deflator was 6.8%, so in real terms (at constant prices) The country's economy shrank by 4.5% compared to the previous year.
 
According to Geostat, the biggest decline in the first quarter - minus 54% was recorded in the hotel and restaurant sector. According to the document, 50% activation is observed in the mining sector.
 
The volume of economic sectors as of the first quarter and their economic growth are distributed as follows:
 
  • Wholesale and retail trade; Repair of cars and motorcycles - 1.47 billion GEL, an increase of 3.90% over the previous year
  • Real estate activities - 1.16 billion GEL, a decrease of 6.40% over the previous year
  • Manufacturing - 1.01 billion GEL, a decrease from the previous year -2.60%
  • Public Administration and Defense - 821.4 million GEL, an increase of 1.80% over the previous year
  • Construction - 677.7 million GEL, decrease compared to the previous year -19.40%
  •  Rural, forestry and fisheries - 656.2 million GEL, an increase of 3.40% over the previous year Financial and insurance activities - 611.2 million GEL, an increase over the previous year 24.00%
  • Transport and warehousing - 578.8 million GEL, decrease compared to the previous year -9.00%
  • Health and social services - GEL 543.2 million, an increase of 13.30% over the previous year
  • Education - 475.4 million GEL, decrease compared to the previous year - 5.60%
  • Information and communication - 360.1 million GEL, an increase of 16.80% over the previous year
  • Energy - 304.8 million GEL, decrease compared to the previous year - 9.80%
  • Arts, entertainment and recreation - 300.2 million GEL, a decrease from the previous year -25.40%
  • Professional, scientific and technical activities - GEL 227.2 million, decrease compared to the previous year -0.20%
  • Mining industry - 207.4 million GEL, an increase of 50.30% over the previous year
  • Hotels and restaurants - 187.9 million GEL, decrease compared to the previous year -54.00%
  • Water supply; Sewerage; Waste Management - GEL 87.3 million, an increase of 28.80% over the previous year
  • Administrative and support service activities - GEL 85.2 million, decrease compared to the previous year - 34.00%
  • Other services - 61.6 million GEL, decrease compared to the previous year -36.50%
  • Activities of households as employers - GEL 18 million, an increase of 60.70% over the previous year