Georgia’s real GDP contracted by 6.8% year-over-year in 2020, according to the revised estimates released by the National Statistics Office (Geostat) on November 15.
Geostat reported that Georgia’s GDP equaled GEL 49.3 billion (USD 15 billion) at current prices, while the GDP deflator change was 7.3%.
Geostat said a decline in real-value added was recorded in administrative and support services – 45.2% decrease; accommodation and food services – 44.9% decrease; transportation and storage – 23% decrease; water supply, sewerage, waste management, and remediation – 22.5% decrease; arts, entertainment and recreation – 18.4% decrease; professional, scientific and technical activities – 13.8% decrease; construction – 8% decrease; manufacturing – 7.1% decrease; electricity, gas, steam and air conditioning supply – 5.2% decrease; wholesale and retail trade, repair of motor vehicles and motorcycles – 4.7% decrease; financial and insurance activities – 2.3% decrease; real estate – 0.3%; other services – 16.6% decrease.
Growth was reported in activities of households as employers, goods and services producing activities by the households for their own use – 19.3% increase; mining and quarrying – 12.4% increase; education – 8.6% increase; agriculture, forestry, and fishing – 8.1% increase; Human health and social work activities – 2.8% increase; information and communication – 2.6%; public administration and defense, compulsory social security – 2.3% increase.
Also Read:
- Georgia’s GDP Growth 6.9% in September
- Q1’21 GDP Down by 4.5%
- Geostat: Georgia’s GDP Declined by 6.2% in 2020
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