Georgia's economy advanced by 2.2% year-on-year in the first quarter of 2020, slowing from a 5.1% growth in the previous period. It was the weakest pace of expansion since the last quarter of 2016, reflecting the early effects of tough containment measures deployed at the end of March to contain the Covid-19 pandemic. Output grew much softer in wholesale & retail trade; repair of motor vehicles, motorcycles and personal & household goods (0.2% vs 12.4% in Q4); accommodation & food services (0.3% vs 8.9%); real estate activities (1.6% vs 7%); manufacturing (5.7% vs 6.3%); transportation & storage (4.7% vs 8.3%) and arts, entertainment and recreation (16.2% vs 25.2%). In addition, contractions were seen in professional, scientific & technical activities (-13.1% vs 14.4%); finance & insurance (-6.1% vs -10.3%) and electricity, gas supply (-6.6% vs 4.2%). In contrast, agricultural activity rebounded slightly (0.3% vs -5.1%).
GDP Annual Growth Rate in Georgia averaged 5.36 percent from 2004 until 2020, reaching an all time high of 13.90 percent in the third quarter of 2007 and a record low of -8.70 percent in the second quarter of 2009. This page provides - Georgia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Georgia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
GDP Annual Growth Rate in Georgia is expected to be -6.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Georgia to stand at -0.50 in 12 months time. In the long-term, the Georgia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2021 and 3.50 percent in 2022, according to our econometric models.