Page 21 - GEORptOct22

4.0 Real Economy 4.1 Industrial production
Industrial production rose 40.6% y/y in Q1
Georgia’s business sector turnover is up by over 19% in Q2
Georgia’s industrial production rose 40.6% in the first quarter of 2022, up from 37.7% in the previous quarter, according to the National Statistics Office of Georgia (Geostat). Production expanded at a faster pace for almost all sectors such as manufacturing, mining and utilities.
Compared to the pandemic year of 2020, last year turnover in Georgia’s business sector increased by 31.5% and amounted to GEL150.4bn ($53.25bn), according to new data published by Geostat.
The value of production generated by the business sector also increased by 24.6% y/y and amounted to GEL57.6bn ($20.39bn).
The trade sector had the highest share in total turnover, amounting to 36.4%. It was followed by arts, entertainment, and recreation (32%); manufacturing (9.8%); construction (5.5%); transportation and storage (4.6%); electricity, gas, steam and air conditioning supply (3.2%).
Large businesses made up the majority of total turnover at 65.3%, followed by small businesses (18.5%), and medium-sized businesses (16.2%).
In 2021 manufacturing (24.4%), trade (18.4%), construction (15.8%), as well as transportation and storage (8.8%) were in the top four in business sector production value.
Georgia's business sector turnover increased by 19.2% y/y in 2Q2022. It amounted to GEL42 bn ($14.6 bn). The increasing tendency characterises the production value of the business sector. In 2Q2022, its volume equalled GEL16.5 bn, which is year-on-year 25.3% more, the National Statistics Office of Georgia (Geostat) reported.
In 2Q2022, 61.5% of total turnover came from large and 17.5% from medium-sized businesses, while 21.1% was from small businesses. A slight difference is in the entire production value: 48% comes from large, 23.5% from medium and 28.5% from small businesses.
In 2Q2022, the trade sector (including repair of motor vehicles and motorcycles) has the highest share (38.5%) in the total turnover in the business sector, followed by arts, entertainment and recreation with a 28%
21 GEORGIA Country Report October 2022 www.intellinews.com