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Reasons Behind 44.8% Economic Growth In April - Geostat

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Natia Taktakishvili
31.05.21 14:30
508
Georgian economy grew by 44.8% in April compared to the same period of the last year, - show preliminary data from the Statistics Office of Georgia (Geostat). Such high economic growth is mainly due to the so-called the "base effect “, because the economy shrank by 16.6% in April 2020 due to the lockdown in the country.

According to Geostat, VAT taxpayers’ turnover made up 8.44 billion GEL in April, the figure is 93% high compared to same period of 2020.

Gogita Todradze, general director of Geostat noted, that a decrease of 16.6% was observed in the corresponding period of the previous year. He tried to explain what caused economic growth of 44.8% in April.

“In April, there was an upward trend in all aspects compared to the same period of the previous year. Growth trend was observed in imports and exports as well, which positively contributed to the results. Growth was observed in the following activities: metallurgy, production of construction materials, cement production.

Growth was not only observed in the construction of residential houses, but also in the construction of specialized buildings. Import-export turnover has increased, the load of the transport sector has also increased. The output of the financial and insurance sectors was up by 51%. Trade has intensified, it has been greatly affected by the trade in cars, auto imports have increased by 86% compared to the previous year, and re-exports – by six times, which also makes a positive contribution," - said Gogita Todradze.