Geostat: Q1 GDP Growth 6.8%

Georgia’s real gross domestic product grew 6.8% y/y in the first quarter of 2012 with nominal GDP standing at GEL 5.66 billion, the Georgian state statistics office, Geostat, said on June 20.

That follows a 8.8% y/y real GDP growth in the final three months of 2011.

Industry sector’s share in the first quarter GDP was 18.2%, followed by trade – 15.6% and transport and communication – 11.2%. Agriculture’s share in GDP was 9.6% in the first three months of 2012.

Construction sector enjoyed with the largest growth in the first three months of 2012 with 26.3% y/y, followed by processing industry with 20.4% y/y growth; financial sector – 16.7%; hotels and restaurants – 9.4%; transportation – 8.6%. Agriculture sector grew 3.1% in the first quarter of this year.

Mining sector suffered 4.1% contraction in the first quarter, after contracting 6.5% in 2011.