30 Apr Georgian economy shrinks 2.7% in March 2020
The Georgian economy has shrunk 2.7 per cent in March 2020, show the latest data from the National Statistics Office of Georgia (Geostat).
The estimated average real gross domestic product (GDP) growth for January-March equalled 1.5 percent year-on-year.
Last month, estimated real growth compared to the same period of the previous year was posted in construction, information and communication, while a decrease was registered in accommodation and food service activities, transportation and storage, arts, entertainment and recreation, wholesale and retail trade, repair of motor vehicles and motorcycles, financial and insurance activities, electricity, gas, steam and air conditioning supply, manufacturing and real estate activities.
Executive Director of Geostat Gogita Todradze said that in March exports decreased by about 22 per cent while imports were down 13.4 per cent.
He also said that ‘the current situation in the country’ has had some impact on enterprise business registration and the number of companies registered in March fell 48 per cent.
The National Bank of Georgia said that following decline in domestic and external demand, Georgia’s real economic growth will be around -4 per cent this year.