Georgian economy was 6.2% down in 2020. The figure is a record high since 1994. According to Geostat, the nominal GDP amounted to 13,292 GEL per capita, which was 63 GEL more y-o-y. GDP on per capita became 4,274 USD, which is 422 USD less comparing to 2019. GDP on per capita in 2020 was $ 136 less than in 2012. GDP decline in USD was due to the economic downturn and the depreciation of the lari exchange rate.
The nominal Gross Domestic Product (GDP) amounted to 49,4 million GEL in 2020, up by 0.3 percent YoY, while the real growth of GDP reduced by 6.2 percent. In 2020 GDP deflator percentage change equaled 6.9 percent YoY.
Economic activities, which were down in 2020:
•Hotels and restaurants - -37.9%;
•Transport and warehousing - -22.3%;
•Art, fun and recreation - -18.9%;
•Professional, scientific and technical activities - -18.4%;
•Water supply; Sewerage, waste management - -11.1%;
•Electricity, gas, steam and air conditioning supply - -7.4%;
•Wholesale and retail trade; Repair of cars and motorcycles - -5.6%;
•Financial and insurance activities - -5%;
•Construction - -4.7%;
•Information and communication - -0.7%;
•Real estate activities - -0.1%;
•Manufacturing industry - 0%;
Real growth was registered in Human health and social work activities (7.9 percent), Agriculture, forestry and fishing (3.6 percent), Education (3.1 percent), Public administration and defence; compulsory social security (1.8 percent), Other service activities (7.1 percent).
Economic activities, which were up in 2020:
● Mining industry - 1.5%;
● Education - 3.1%;
● Rural, forestry and fish farming - 3.6%;
● Health and social service activities - 7.9%;
Economy was 11.5% down in January 2021. Revised data will be published that this month.
