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Georgian GDP up by 4.5% in quarter 2

By Tea Mariamidze
Friday, September 20
Georgia’s National Statistics Office (Geostat) has released preliminary results of the economic growth in Quarter 2, 2019, according to which, the estimated real Gross Domestic Product (GDP) growth rate in equaled to 4.5 percent year-over-year, while the GDP deflator increased by 3.8 percent.

GDP per capita in Q2, 2019 is GEL 2 961.3 million while it was less last year in the same period – GEL 2 725.5 million.

As for the GDP growth rate in Q 2, 2018, it was higher – 5.6% compared to the same period of this year – 4.5%. Also, GDP deflator percentage change last year Q2 was 5.3%.

In the first quarter of 2019, the GDP growth rate was 4.9 while GDP deflator percentage change stood at 2.4%.

As the agency says, in Q2 2019 the nominal GDP amounted to GEL 11 026.3 million. Real growth was registered in the following activities:

- Transport (17.9 percent)

- Real Estate, Renting and Business Activities -16.9 percent

- Hotels and Restaurants - 14.1 percent

- Electricity, Gas and Water Supply - 11.5 percent

- Communication - 10.8 percent

- Health and Social Work - 9.3 percent

- Wholesale and Retail Trade; Repair of Motor Vehicles, Motorcycles and Personal and Household Goods - 7.4 percent

- Other Community, Social and Personal Service activities - 5.2 percent

- Financial intermediation - 4.3 percent

- Public administration - 3.0 percent

- Agriculture, Hunting and Forestry; Fishing - 2.1 percent

However, a decrease in the real value-added occurred in Education (-7.9 percent), Mining and Quarrying (-7.7 percent), Construction (-4.6 percent), Manufacturing (-4.5 percent).

In addition to this, the largest shares of GDP by activity are held by Trade (16.8 percent) and Industry (16.4 percent), Transport and Communication (10.9 percent), Construction (8.8 percent), followed by Agriculture, Hunting and Forestry; Fishing (8.4 percent), Public administration (7.8 percent), Real Estate, Renting and Business Activities (7.4 percent).

To note, an average estimated real GDP growth equaled 4.9 percent for the first six months of 2019 while in the first seven months of 2019 an average real growth was 5.1 percent.

As for the GDP of January-May, an average estimated real GDP growth equaled 4.9 percent for the first five months of 2019.