Q1’21 GDP Down by 4.5%

Georgia’s real GDP contracted by 4.5% year-over-year during the first quarter of 2021, according to preliminary data released by the National Statistics Office (Geostat) on June 18.

In the first quarter, GDP at current prices amounted to GEL 11.3 billion (USD 3.5 billion), while the GDP deflator increased by 6.8%.

Geostat reported that decreases in the value-added in accommodation and food services (-54%), administrative and support services (-34%), arts, entertainment and recreations (-25.4%), construction (-19.4%), real estate (-6.4%), and transportation and storage (-9%) contributed significantly to the real GDP downturn.

Meanwhile, Geostat data showed that real growth was posted in mining and quarrying (50.3%), financial and insurance activities (24%), information and communication (16.8%), health and social work (13.3%), and wholesale and retail trade and repair of motor vehicles and motorcycles (3.9%).

Revised data will be published on November 15, 2021.

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