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.