Georgia's economy shrank by 5.6% year-on-year in the third quarter of 2020, after an upwardly revised 13.2% plunge in the previous period. It was the second straight quarter of contraction in the GDP, as the COVID-19 pandemic took a huge toll on activity and demand. Contractions were seen in electricity, gas, steam and air conditioning supply (-11.5% vs -4.6% in Q2); wholesale & retail trade; repair of motor vehicles, motorcycles (-0.3% vs -18.8%); accommodation & food services (-53.1% vs -35.7%); transportation & storage (-25.0% vs -30.2%); arts, entertainment and recreation (-32.4% vs -23.4%); real estate activities (-0.8% vs -2.8%); water supply, sewerage, waste management and remediation activities (-11.4% vs -20.2%); and finance & insurance (-4.4% vs -14.9%). By contrast, production grew for: agricultural activities (1.5% vs 4.7%); manufacturing (0.6% vs -7.8%); construction (2.0% vs -26.7%); and information and communication (1.9% vs -14.1%). source: National Statistics Office of Georgia
GDP Annual Growth Rate in Georgia averaged 4.94 percent from 2004 until 2020, reaching an all time high of 13.90 percent in the third quarter of 2007 and a record low of -12.30 percent in the second quarter of 2020. This page provides - Georgia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Georgia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.
GDP Annual Growth Rate in Georgia is expected to be -1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Georgia to stand at 3.00 in 12 months time. In the long-term, the Georgia GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022, according to our econometric models.