Page 12 - GEORptFeb22

Georgia - Main Macro 2017 2018 2019 2020 1Q21 2Q21 3Q21 Indicators
GDP real growth (y/y, %)
4.8 4.8 5.0 -6.8 -4.1 28.9 9.1
GDP per capita (at current 4,358.5 4,722.0 4,696.2 4,255.7 929.7 1,250.7 1,375.0 prices), USD
GDP per capita (at current prices), GEL
10,933.9 11,968 13,239.4 13,234.1 3,081.3 4,161.4 4,290.4
GDP at current prices, (USD bn)
16.2 17.6 17.5 15.8 3.5 4.7 5.1
GDP at current prices, (GEL bn)
40.8 44.6 49.3 49.3 11.5 15.5 16.0
GDP deflator (y/y, %)
8.5 4.4 5.2 7.3 7.9 11.6 9.4
Source: Geostat
3.1 Macroeconomic overview
Georgia’s 2021 economic growth preliminarily estimated at 10.6%
Georgia’s economy rose by 9.6% y/y in December 2021 and ended the full year with an outstanding double-digit growth rate of 10.6%, according to preliminary data issued by the statistics office Geostat.
The country’s economy thus fully reversed the 6.8% contraction seen in 2020 when it dropped to $15.8bn from $17.5bn-17.6bn in 2018-2019.
Under its latest projection issued in November, the European Bank for Reconstruction and Development (EBRD) said that Georgia’s economy would rise by 7.5% in 2021 and 5.5% in 2022. The government of Georgia revised in November its budget in line with a 10% expected growth (9.5% previously), assuming 6% GDP growth in 2022.
In December 2021 the estimated real growth compared to the same period of the previous year was observed by Geostat in most of the sectors: manufacturing, transportation and storage, trade, hotels and restaurants, electricity, gas, steam and air conditioning supply, real estate activities, arts,
12 GEORGIA Country Report February 2022 www.intellinews.com