2011 Real GDP Growth 7% – Geostat

Georgia’s real gross domestic product grew 8.8% y/y in the fourth quarter of last year, making 2011 GDP growth 7%, according to preliminary figures released by Geostat on March 20.

Figures have been slightly revised upwards from those early data, which Geostat released in late January.

Industry sector and trade made over third of the country’s GDP in 2011 with 17.3% each.

Financial sector enjoyed with the largest growth in 2011 with 24.3% y/y; processing industry grew 14.3%; production/distribution of electricity, gas and water – 8.9%; hotels and restaurants – 8.4%; communication – 8%. Mining sector suffered 6.5% contraction.

After three consecutive years of contraction, agriculture sector grew 5.5% y/y in 2011, according to Geostat.