Georgia's gross domestic product shrank by 4.5% year-on-year in the first quarter of 2021, after a 6.8% fall in the previous period. It was the fourth straight quarter of contraction in the GDP, amid the ongoing pandemic crisis. Output fell at a softer pace primarily in manufacturing (-2.6% vs -3% in Q4); transportation & storage (-9% vs -26.7%) and professional, scientific and technical activities (-0.2% vs -17.5%). In addition, notable growth was recorded in mining & quarrying (50.3% vs -19.5%); wholesale and retail trade; repair of motor vehicles and motorcycles (3.9% vs -3.9%); information and communication (16.8% vs 3.7%) and financial and insurance activities (24% vs 7.2%). Meanwhile, the hospitality sector (-54% vs -53.8%) remained severely depressed. source: National Statistics Office of Georgia

GDP Annual Growth Rate in Georgia averaged 4.61 percent from 2004 until 2021, reaching an all time high of 13.90 percent in the third quarter of 2007 and a record low of -13.20 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 July of 2021.

GDP Annual Growth Rate in Georgia is expected to be 9.00 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 3.50 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.

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Georgia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-4.50 -6.80 13.90 -13.20 2004 - 2021 percent Quarterly
Constant prices 2015, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-09-21 02:00 AM Q2 -12.3% 2.2% -6.5%
2020-12-18 07:00 AM Q3 -5.6% -13.2% -6.5%
2021-03-22 07:00 AM Q4 -6.8% -5.6% -4.5%
2021-06-18 07:00 AM Q1 -4.5% -6.8% -3%
2021-09-17 07:00 AM Q2 -4.5%
2021-12-20 07:00 AM Q3


News Stream
Georgia Economy Contracts Less in Q1
Georgia's gross domestic product shrank by 4.5% year-on-year in the first quarter of 2021, after a 6.8% fall in the previous period. It was the fourth straight quarter of contraction in the GDP, amid the ongoing pandemic crisis. Output fell at a softer pace primarily in manufacturing (-2.6% vs -3% in Q4); transportation & storage (-9% vs -26.7%) and professional, scientific and technical activities (-0.2% vs -17.5%). In addition, notable growth was recorded in mining & quarrying (50.3% vs -19.5%); wholesale and retail trade; repair of motor vehicles and motorcycles (3.9% vs -3.9%); information and communication (16.8% vs 3.7%) and financial and insurance activities (24% vs 7.2%). Meanwhile, the hospitality sector (-54% vs -53.8%) remained severely depressed.
2021-06-18
Georgia Economy Shrinks 6.8% in Q4
Georgia's economy shrank by 6.8% year-on-year in Q4 of 2020, after a 5.6% fall in the previous period. It was the third 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 (-5.4% vs -11.5% in Q3); wholesale & retail trade (-3.9% vs -0.3%); accommodation & food services (-53.8% vs -53.1%); transportation & storage (-26.7% vs -25.0%); arts, entertainment and recreation (-27.9% vs -32.4%); water supply, sewerage, waste management and remediation activities (-9.7% vs -11.4%); manufacturing (-3.0% vs 0.6%); construction (-1.2% vs 2.0%). By contrast, production grew for: agricultural activities (5.2% vs 1.5%); real estate activities (0.5% vs -0.8%); finance & insurance (7.2% vs -4.4%), and information and communication (3.7% vs 1.9%). Considering 2020 full year, the economy contracted by 6.2%, reversing from a 5.0% expansion in 2019.
2021-03-22
Georgia Q3 Economy Shrinks at Softer Pace
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%).
2020-12-18
Georgia Economy Shrinks for 1st Time Since 2009
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%).
2020-09-21

Georgia GDP Annual Growth Rate
The most important sector of Georgian economy is services and accounts for 69 percent of total GDP, of which wholesale and retail trade, repair of motor vehicles, motorcycles and personal and household goods (17 percent); public administration (8 percent); transport (8 percent) and real estate, renting and business activities (7 percent). Industry constitutes 23 percent with manufacturing (10 percent) and construction (9 percent). Agriculture, hunting, forestry and fishing create 8 percent of the wealth. On the expenditure side, household consumption is the main component of GDP and accounts for 61 percent of its total use, followed by gross fixed capital formation (30 percent) and government expenditure (17 percent). Exports of goods and services account for 50 percent of GDP while imports account for 62 percent, subtracting 12 percent of total GDP.