The National Statistics Office of Georgia has published a report on economic growth. According to the official document, the economic growth rate in August of this year increased by 10.3% compared to the same period in 2020. In eight months, in January-August, the Georgian economy grew by 12%. At the same time, the report answers important questions such as: what caused the mentioned rate of economic growth, which sectors’ growth and development trends are observed, and vice versa.
First of all, it should be noted that the results of the published statistics are an unambiguous indicator of the country’s economic growth. The Minister of Economy Natia Turnava responded to the published data. “I compare economic growth not only with 2020, which was really negative and difficult, but also with the very successful year before the pandemic. For example, the 7-month increase which was 12.2%, is 7% more than the 2019 increase. “This allows us to say that last year’s failure will not only be completely eliminated, but will return to a very high positive trajectory,” the minister explained. The Prime Minister of Georgia Irakli Gharibashvili attributes the positive results of this year’s economic growth to co-financing projects and business support programs. He also announced next year’s government policy on the economy. “From 2022, the government will start implementing larger-scale programs, with an investment of 2 billion 500 million GEL to develop local production, and an investment of 7 billion GEL in agriculture,” said the Prime Minister.
According to the Geostat’s report, in August 2021, compared to the same period last year, the sectors in which growth was observed were identified. For example, manufacturing, financial and insurance activities, trade, electricity, gas, steam and air conditioning supply, hotels and restaurants.
The downward trend is evident in the fields of construction and mining industry.
According to official statistics, significant and noticeable is the progress in terms of foreign trade. In January-August, compared to the same period last year, foreign trade turnover increased by 22.3% to 8.684 billion USD, including exports by 26% to 2.611 billion USD and imports by 20.7% to 6.073 billion USD.
We would like to remind you that Geostat published a report on 30.09.2021, according to which the economic growth rate in Georgia is high.
Editor’s blog