Geostat: Georgia’s GDP Declined by 6.2% in 2020

Georgia’s real GDP contracted by 6.2% year-on-year in 2020, according to preliminary estimates released by the National Statistics Office (Geostat) on March 22.

GDP at current prices amounted to GEL 49.4 billion (USD 15.9 billion), up 0.3% year-on-year, while the GDP deflator change equaled 6.9%.

Geostat said a decline in real-value added was recorded in accommodation and food services – 37.9% decrease; administrative and support services – 37.9% decrease; transportation and storage – 22.3% decrease; arts, entertainment and recreation – 18.9% decrease; professional, scientific and technical activities – 18.4% decrease; wholesale and retail trade, repair of cars and motorcycles – 5.6% decrease; financial and insurance activities – 5% decrease;  construction – 4.7% decrease.

According to Geostat, however, recorded growth in health and social work – 7.9%; agriculture, forestry and fishing – 3.6%; education – 3.1% public administration and defense, social security – 1.8%; other services – 7.1%.

The National Statistics Office also reported that real GDP in the fourth quarter of 2020 contracted by 6.8%, while nominal GDP stood at GEL 13.9 billion (USD 4.3 billion).

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