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Georgia’s Real GDP Growth at 10.4% in 2021

Georgia’s real GDP growth amounted to 10.4% year-over-year in 2021, according to preliminary estimates published by the National Statistics Office (Geostat) on March 21.

The nominal GDP equaled GEL 60.2 billion (USD 18.7 billion) in 2021, up by 22.3% annually. Meanwhile, the GDP deflator increased by 10.8% year-over-year.

Geostat recorded real growth of 43.1% in arts, entertainment and recreation; 33.5% in electricity, gas, steam and air conditioning supply; 29.8% in accommodation and food service activities; 28.7% in human health and social work activities; 27.6% in transportation and storage; 23.9% in information and communication; 23.5% in financial and insurance activities; 19.9% in wholesale and retail trade, repair of motor vehicles and motorcycles; 13.5% in mining and quarrying; 9.2% in real estate activities; 9% in manufacturing.

Meanwhile, Geostat reported a 21.8% decrease in real value-added in construction; 2.3% in education; 1.4% in agriculture, forestry and fishing; 0.9% in compulsory social security.

In 2020, Georgia’s real GDP declined by 6.8% compared to the previous year.

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