Georgia's economy shrank by 5.6% year-on-year in the third quarter of 2020, after an upwardly revised 13.2% plunge in the previous period. It was the second straight quarter of contraction in the GDP, as the COVID-19 pandemic took a huge toll on activity and demand. Contractions were seen in electricity, gas, steam and air conditioning supply (-11.5% vs -4.6% in Q2); wholesale & retail trade; repair of motor vehicles, motorcycles (-0.3% vs -18.8%); accommodation & food services (-53.1% vs -35.7%); transportation & storage (-25.0% vs -30.2%); arts, entertainment and recreation (-32.4% vs -23.4%); real estate activities (-0.8% vs -2.8%); water supply, sewerage, waste management and remediation activities (-11.4% vs -20.2%); and finance & insurance (-4.4% vs -14.9%). By contrast, production grew for: agricultural activities (1.5% vs 4.7%); manufacturing (0.6% vs -7.8%); construction (2.0% vs -26.7%); and information and communication (1.9% vs -14.1%). source: National Statistics Office of Georgia

GDP Annual Growth Rate in Georgia averaged 4.94 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 -12.30 percent in the second quarter of 2020. 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 February of 2021.

GDP Annual Growth Rate in Georgia is expected to be -1.50 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 3.00 in 12 months time. In the long-term, the Georgia GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022, according to our econometric models.

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Georgia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-5.60 -13.20 13.90 -13.20 2004 - 2020 percent Quarterly
Constant prices 2015, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-03-20 07:00 AM Q4 5.1% 5.8% 5.3%
2020-06-19 07:00 AM Q1 2.2% 5.1% 4.2%
2020-09-21 02:00 AM Q2 -12.3% 2.2% -6.5%
2020-12-18 07:00 AM Q3 -5.6% -13.2% -6.5%
2021-03-22 07:00 AM Q4 -5.6% -4.5%
2021-06-18 07:00 AM Q1
2021-09-17 07:00 AM Q2
2021-12-20 07:00 AM Q3
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Georgia Q3 Economy Shrinks at Softer Pace
Georgia's economy shrank by 5.6% year-on-year in the third quarter of 2020, after an upwardly revised 13.2% plunge in the previous period. It was the second straight quarter of contraction in the GDP, as the COVID-19 pandemic took a huge toll on activity and demand. Contractions were seen in electricity, gas, steam and air conditioning supply (-11.5% vs -4.6% in Q2); wholesale & retail trade; repair of motor vehicles, motorcycles (-0.3% vs -18.8%); accommodation & food services (-53.1% vs -35.7%); transportation & storage (-25.0% vs -30.2%); arts, entertainment and recreation (-32.4% vs -23.4%); real estate activities (-0.8% vs -2.8%); water supply, sewerage, waste management and remediation activities (-11.4% vs -20.2%); and finance & insurance (-4.4% vs -14.9%). By contrast, production grew for: agricultural activities (1.5% vs 4.7%); manufacturing (0.6% vs -7.8%); construction (2.0% vs -26.7%); and information and communication (1.9% vs -14.1%).
2020-12-18
Georgia Economy Shrinks for 1st Time Since 2009
Georgia's economy shrank by 12.3% year-on-year in the second quarter of 2020, after a 2.2% growth in the previous period. It was the first contraction in the GDP since the third quarter of 2009, as the COVID-19 pandemic took a huge toll on activity and demand. Contractions were seen in wholesale & retail trade; repair of motor vehicles, motorcycles (-13.2% vs 0.2% in Q1); real estate activities (-1.0% vs 1.6%); manufacturing (-12.1% vs 5.7%); construction (-24.5% vs 6.7%); accommodation & food services (-40.0% vs 0.3%); transportation & storage (-22.6% vs 4.7%); arts, entertainment and recreation (-24.1% vs 16.2%); professional, scientific & technical activities (-28.8% vs -13.1%); water supply, sewerage, waste management and remediation activities (-13.9% vs 2.5%), information and communication (-14.7% vs 7.6%); administrative and support service activities (-54.7% vs 3.5%), and finance & insurance (-15.5% vs -6.1%). By contrast, agricultural activity grew faster (4.7% vs 0.3%).
2020-09-21
Georgia GDP Growth Slowest since 2016
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%).
2020-06-19
Georgia GDP Growth Slows to 5.1% in Q4
Georgia’s GDP expanded 5.1% year-on-year in the fourth quarter of 2019, slowing from a 5.8% advance in the previous period. Output growth eased for: construction (1.4% vs 17.1% ), information and communication (17% vs 18.2%), other service activities (5.1% vs 7.7%). Output growth accelerated mainly for: manufacturing (6.3% vs 4.9%), transport (8.3% vs 2.2%), real estate activities (7% vs 3.8%), arts, entertainment and recreation (25.2% vs 19.9% ), electricity, gas and water supply (4.2% vs 2.6%), wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods (12.4% vs 9.8%), education (11.2% vs 6.3%), while that of mining and quarrying rebounded (0.4% vs -2.2%). Conversely, output shrank for: agriculture, hunting and forestry, fishing (-5.1% vs 2.1%), insurance activities (-10.3% vs -2.2 percent), and public administration (-2.6% vs -4.0%). Considering full year 2019, the enomy grew 5.1% from a year earlier, after expanding by 4.8% in 2018.
2020-03-20

Georgia GDP Annual Growth Rate
The most important sector of Georgian economy is services and accounts for 69 percent of total GDP, of which wholesale and retail trade, repair of motor vehicles, motorcycles and personal and household goods (17 percent); public administration (8 percent); transport (8 percent) and real estate, renting and business activities (7 percent). Industry constitutes 23 percent with manufacturing (10 percent) and construction (9 percent). Agriculture, hunting, forestry and fishing create 8 percent of the wealth. On the expenditure side, household consumption is the main component of GDP and accounts for 61 percent of its total use, followed by gross fixed capital formation (30 percent) and government expenditure (17 percent). Exports of goods and services account for 50 percent of GDP while imports account for 62 percent, subtracting 12 percent of total GDP.