Georgian economy up 10.6% in 2021
The World Bank’s report Global Economic Prospects 2022 says that the Georgian economy is projected to grow 5.5% in 2022 and 5% in 2023. Photo: Nino Alavidze/Agenda.ge.
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The estimated real Gross Domestic Product (GDP) increased by 9.6% in December 2021 year-on-year and by 10.6% in 2021 compared to the previous year, the latest data from the National Statistics Office of Georgia (Geostat) show.
The highest real GDP growth was posted in the following sectors:
- Manufacturing
- Transportation and storage
- Trade
- Hotels and restaurants
- Electricity, gas, steam and air conditioning supply
- Real estate activities
- Arts, entertainment and recreation
Meanwhile, a decrease was registered in construction.
A total of 4,553 new businesses were registered in December 2021, which is a 21% increase compared to the same period last year.
In December 2021, Value Added Tax (VAT) payers’ turnover amounted to 11.5 billion GEL, a 31.2% increase year-on-year.
Image: Geostat.
Exports of goods in December totalled 4.2 million USD, increasing by 26.9%.
In 2020 the Georgian economy declined by 6.1% year-on-year due to the lockdown caused by the global pandemic.
The World Bank’s report Global Economic Prospects 2022 says that the Georgian economy is projected to grow 5.5% in 2022 and 5% in 2023.
The Asian Development Bank’s Outlook 2021 report reads that the Georgian economy is projected to grow 6.5% in 2022.
Georgian Finance Minister Lasha Khutsishvili said that ‘by the end of 2022, the volume of our economy will approach 65 billion GEL, and GDP per capita will be more than 5,600 USD.’
Georgian Prime Minister Irakli Garibashvili also stated that GDP in Georgia will reach a historic high in January 2022 of 65 billion GEL (about $20 bln/€18 bln).
Georgian external trade turnover amounted to 14.31 billion USD in 2021, which is an increase of 25.6% year-on-year, express data from the National Statistics Office of Georgia (Geostat) show.
A total of 1,881,271 international travellers visited Georgia in 2021, an increase of 7.7% compared to 2020, the Georgian National Tourism Administration (GNTA) reports.
The Georgian economy is projected to grow 5.5% in 2022 and 5% in 2023, the January edition of the World Bank’s report Global Economic Prospects 2022 says.
The estimated real Gross Domestic Product (GDP) of Georgia increased by 18 percent in January 2022 year-on-year, the latest data from the National Statistics Office of Georgia (Geostat) shows.
Revenue from international travellers totalled $114 million in January 2022 in Georgia, an increase of about $104 million compared to January 2021 and a reduction of $79 million in comparison to January 2020, the Georgian National Tourism Administration revealed on Tuesday.
Fitch Ratings, a global financial ratings firm, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) status with a BB rating, also calling the country’s financial developments “broadly stable”.
The Consumer Price Index in Georgia increased by 1.1 percent in January 2022 compared to the previous month, while the annual inflation rate stood at 13.9 percent, the latest inflation data of the National Statistics Office of Georgia (Geostat) shows.
The National Bank of Georgia (NBG) has decided to keep the refinancing rate unchanged at 10.5 percent at a meeting of the Monetary Policy Committee (MPC) earlier today. A “particular concern” for increased inflation was named by the bank in its comments, with the Consumer Price Index growing by 0.3 percent in December 2021 and the annual inflation rate amounting to 13.9 percent in the country.
The estimated real Gross Domestic Product (GDP) increased by 12% in November 2021 year-on-year, and by 10.7% in January-November of this year, the latest data from the National Statistics Office of Georgia (Geostat) show.
Georgian airports have served 700,200 passengers in the first quarter of 2022, an increase of 565 percent compared to the same period of last year, and a 69 percent recovery from the pre-pandemic figure in 2019, the Civil Aviation Agency announced on Tuesday.