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Georgian GDP Increases 18% in January

By Natalia Kochiashvili
Wednesday, March 2, 2022
Georgia’s real GDP increased by 18% year-over-year in January 2022, according to The National Statistics Office (Geostat) released the estimated data for economic growth in January. According to the estimates released by the end of February, real Gross Domestic Product (GDP) of Georgia increased by 18% in January 2022 year-on-year.

The breakdown of the highest real GDP growth by sectors include manufacturing; transportation and storage; electricity, gas, steam and air conditioning supply; trade; hotels and restaurants; real estate activities; arts, entertainment and recreation; mining and quarrying.

Meanwhile a decline was registered in construction, as well as information and communication.

According to rapid estimates released earlier, Georgia’s GDP had contracted by 11.5% in January 2021. This would mean real GDP growth in January 2022 was 4.43% compared to the same month in 2020.

In other data, a total of 3,235 new businesses were registered in January, a 14.1% increase compared to the same month last year. In the same month, Value Added Tax (VAT) payers’ turnover amounted to ?8.3 billion, a 39.8% increase compared to the same data from previous year. Exports of goods in January totalled $331.3 million, increasing by 47.6%.

Recall that the World Bank’s report on Global Economic Prospects 2022 reads that Georgian economy is projected to grow 5.5% in 2022 and 5% in 2023, whilst the Asian Development Bank’s 2021 Outlook predicts a 6.5% growth for the country’s economy this year.