18 September 2021,   10:50
Estimated real GDP declined by 13.5% in May - National Statistics Office

According to preliminary estimates by the National Statistics Office, in Georgia estimated real Gross Domestic Product declined by 13.5% in May 2020 YoY and by 5.4% in the first five months of 2020 YoY.

In May 2020 the estimated real growth compared to the same period of the previous year was posted negative in almost all activities.

As Gogita Todradze, the Executive Director of the National Statistics Office of Georgia said, the January-May average real growth rate is negative and amounts to -5.4%.

“According to preliminary estimates, in May, compared to the 2019 corresponding period, the growth of gross domestic product has somewhat slowed and we face a 13.5% shrink in the economy. Accordingly, the first 5 months’ real growth rate is -5.4%. Yhe most notable decrease in May 2020 is connected to the sectors of construction, trade, transportation, hotels, restaurants, real-estate operations, arts, leisure, and recreation”, - explained Todradze.