Coronavirus hits Georgia's economy: Sakstat has published new data
If in February, the Georgian economy grew at an annual rate of 2.2%, in March, the GDP fell by 2.7%.
In Georgia, the growth rate of the economy has significantly decreased – the real economic growth in the first quarter of 2020 was 1.5%, compared to the same period last year, it is said. in the materials Of the national statistics service of Georgia.
In January 2020, the growth was 5.1% compared to the same period last year. In February, the Georgian economy was still growing at 2.2%, and in March it fell to 2.7%.
Growth in March 2020 was recorded only in the areas of construction, information and communications.The decline was registered in the areas of providing accommodation and food, transport and warehousing, wholesale and retail trade, financial and insurance activities, electricity, gas, steam and air conditioning, as well as in real estate activities.Last year, Georgia's economy grew by 5.2%, which is higher than the forecast of 4.5%.
How did the coronavirus affect the economy
The first case of COVID-19 infection in Georgia was recorded on February 26. Against the background of the coronavirus outbreak, a state of emergency has been imposed and economic activity has been restricted.
The pandemic poses completely new challenges for the economy and government of Georgia, and experts are still finding it difficult to make specific forecasts, because the crisis situation has not yet ended and losses will have to be calculated in the future. According to the forecast of the national Bank, the fall in the economy of Georgia this year will be 4%, which is caused by a decrease in local and external demand."According to preliminary data, in March, exports of goods will decrease by 22%, and income from international travelers-by 70% compared to the same period last year. There was a 9% decrease in money transfers, and imports decreased by 13%, which indicates a decrease in domestic demand, " the national Bank believes.
Unfavourable forecast
The IMF assumes that the decline of the Georgian economy in 2020 will be up to 4%, and inflation-4.6%.However, the IMF forecasts for 2021 are quite optimistic. According to the Fund's estimates, Georgia's economy will grow by 3% in 2021, and inflation will fall to 3.7%.
Georgia became the first country to receive assistance from the IMF during the crisis from the spread of coronavirus.
The tranche will become available immediately after the decision of the Executive Council, and about $ 200 million will be allocated to the state budget to help the Georgian authorities meet urgent medical and socio-economic needs.
In addition, Georgia will receive money from other partners.
Sputnik-georgia.ru
Tags:
Coronavirus hits Georgia's economy: Sakstat has published new data
If in February, the Georgian economy grew at an annual rate of 2.2%, in March, the GDP fell by 2.7%.
In Georgia, the growth rate of the economy has significantly decreased – the real economic growth in the first quarter of 2020 was 1.5%, compared to the same period last year, it is said. in the materials Of the national statistics service of Georgia.
In January 2020, the growth was 5.1% compared to the same period last year. In February, the Georgian economy was still growing at 2.2%, and in March it fell to 2.7%.
Growth in March 2020 was recorded only in the areas of construction, information and communications.The decline was registered in the areas of providing accommodation and food, transport and warehousing, wholesale and retail trade, financial and insurance activities, electricity, gas, steam and air conditioning, as well as in real estate activities.Last year, Georgia's economy grew by 5.2%, which is higher than the forecast of 4.5%.
How did the coronavirus affect the economy
The first case of COVID-19 infection in Georgia was recorded on February 26. Against the background of the coronavirus outbreak, a state of emergency has been imposed and economic activity has been restricted.
The pandemic poses completely new challenges for the economy and government of Georgia, and experts are still finding it difficult to make specific forecasts, because the crisis situation has not yet ended and losses will have to be calculated in the future. According to the forecast of the national Bank, the fall in the economy of Georgia this year will be 4%, which is caused by a decrease in local and external demand."According to preliminary data, in March, exports of goods will decrease by 22%, and income from international travelers-by 70% compared to the same period last year. There was a 9% decrease in money transfers, and imports decreased by 13%, which indicates a decrease in domestic demand, " the national Bank believes.
Unfavourable forecast
The IMF assumes that the decline of the Georgian economy in 2020 will be up to 4%, and inflation-4.6%.However, the IMF forecasts for 2021 are quite optimistic. According to the Fund's estimates, Georgia's economy will grow by 3% in 2021, and inflation will fall to 3.7%.
Georgia became the first country to receive assistance from the IMF during the crisis from the spread of coronavirus.
The tranche will become available immediately after the decision of the Executive Council, and about $ 200 million will be allocated to the state budget to help the Georgian authorities meet urgent medical and socio-economic needs.
In addition, Georgia will receive money from other partners.
Sputnik-georgia.ru
Tags:
