Georgia’s annual GDP growth stable at 6.9% in October

Georgia’s annual GDP growth stable at 6.9% in October

By Iulian Ernst in Bucharest December 2, 2021

The economic growth of Georgia remained steady at 6.9% in October, at the same level as in September, according to the flash estimates released by the statistics office Geostat.

For the first 10 months of the year, Geostat estimates an average growth rate of 10.5%.

The government drafted the 2021 budget on assumptions of 10% growth, while it projected 6% GDP growth for 2022.

TBC Capital revised upwards in early November its forecast for this year’s GDP growth in Georgia from 10.5% projected under its summer forecast to 11-11.5%. The figure looks now on the optimistic side, particularly given the new COVID-19 restrictions likely to impact the winter tourism season in the country. For 2022, TBC expects 6% growth.

The latest growth data released by Geostat indicate that the growth had already eased in September-October to a slower rate compared to the previous two quarters, when the country’s economy was still in a recovery stage after the shock experienced in 2020.

In October, the estimated real growth compared to the same period of the previous year was observed in most of the economic sectors: manufacturing, transportation and storage, arts, entertainment and recreation, utilities, financial and insurance activities, HoReCa and trade.

A decline was registered in construction.

#Georgia’s

Read in IntelliNews Pro

Get IntelliNews Pro

Related Content

COMMENT: After a slow start, the Georgian protests are gathering momentum

Georgian academics stand with student protesters occupying Tbilisi State University

Georgian opposition reclaims protest site

COMMENT: After a slow start, the Georgian protests are gathering momentum

Georgian academics stand with student protesters occupying Tbilisi State University

Georgian opposition reclaims protest site

Data

CBR: October macroeconomic forecast upgrades 2024 growth, but will slow in 2025

The ranges of analysts’ forecasts for the next years have narrowed for most indicators. At the same time, the ranges for GDP growth, unemployment rate, RUB/$ exchange rate, exports, imports and Brent oil price are widening by the end of the period,

Turkey sticks with 50% policy rate for eighth straight month

Reports say some carry traders have closed lira positions, but the smooth nominal devaluation and real lira appreciation policy remains on track.

More than half of Ukrainians favour peace talks as war reaches 1,000 days, finds Gallup poll

Over half of Ukrainians now support negotiations to end the war with Russia, marking a significant shift in public sentiment as the conflict surpasses its 1,000th day, according to Gallup polls released on November 19.

What happens if aid to Ukraine collapses under Trump?

Researchers at the Kiel Institute for the World Economy, which has been tracking aid to Ukraine's war effort, have calculated hypothetical scenarios of what they believe Ukraine aid could look like in 2025, once Trump takes office in January.

Popular support for Ukraine falling amongst allies

Nato's most recent survey of its member country populations showed that even among those nations that are Ukraine's biggest supporters in terms of its war effort against Russia, many constituents disagree with continued support, Statista reports.

CBR: October macroeconomic forecast upgrades 2024 growth, but will slow in 2025

Turkey sticks with 50% policy rate for eighth straight month

More than half of Ukrainians favour peace talks as war reaches 1,000 days, finds Gallup poll

What happens if aid to Ukraine collapses under Trump?

Popular support for Ukraine falling amongst allies

Dismiss

Chat with usLiveChat