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Why Base Effect Matters - Economic Growth Comparisons

Natia Taktakishvili
30.09.21 14:00
Official statistics show, that record-high economic growth has been observed in Georgia in 2021. The growth made up 10.3% in August of this year, while the figure amounted to 12% in total within 8 months.

The reason for such high growth is that current economic growth is compared to the same period of the last year, while there was a 5.6% economic decline instead of growth in the country in the first 8 months of 2020. The cause of last year’s economic downturn was a pandemic and a severe lockdown, which led to rise unemployment in the country, declined international tourism to zero, and restricted business activities.

The calculation of the real economic growth rate shows that in the first 8 months of 2021, the size of Georgia's GDP has increased by 6.4% compared to 2019.

Accordingly, the country's economy has actually grown by 6.4% this year compared to 2019.

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