Georgia's economy shrank by 12.3% year-on-year in the second quarter of 2020, after a 2.2% growth in the previous period. It was the first contraction in the GDP since the third quarter of 2009, as the COVID-19 pandemic took a huge toll on activity and demand. Contractions were seen in wholesale & retail trade; repair of motor vehicles, motorcycles (-13.2% vs 0.2% in Q1); real estate activities (-1.0% vs 1.6%); manufacturing (-12.1% vs 5.7%); construction (-24.5% vs 6.7%); accommodation & food services (-40.0% vs 0.3%); transportation & storage (-22.6% vs 4.7%); arts, entertainment and recreation (-24.1% vs 16.2%); professional, scientific & technical activities (-28.8% vs -13.1%); water supply, sewerage, waste management and remediation activities (-13.9% vs 2.5%), information and communication (-14.7% vs 7.6%); administrative and support service activities (-54.7% vs 3.5%), and finance & insurance (-15.5% vs -6.1%). By contrast, agricultural activity grew faster (4.7% vs 0.3%).
GDP Annual Growth Rate in Georgia averaged 5.36 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 -8.70 percent in the second quarter of 2009. 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 October of 2020.
GDP Annual Growth Rate in Georgia is expected to be -6.50 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 10.50 in 12 months time. In the long-term, the Georgia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2021 and 3.50 percent in 2022, according to our econometric models.