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6.2% growth in 2011

by | Dec 21, 2011

TBILISI, DFWatch – Georgia will have 6.2% growth in the economy in 2011. But the prices will have increased 10.5%.

In the third quarter of 2011, Georgia’s gross domestic product (GDP) grew by 7.5% compared to last year’s third quarter, and amounted to 6 203 million lari by current prices, which is nearly 38 billion US dollars, according to the national statistics department.

According to the report, the price index grew 7.7% in Q3 of this year, compared to the same period last year.

All three quarters of 2011 taken together, the real increase of the GDP in the period is 6.2%, and the price index rise 10.5%.

Zaza Chelidze, executive director of Georgian Statistics said at a December 19 briefing that the bureau estimates that the adjusted growth for the whole year will be 6.2%, compared to 2010, while the price index grew 10.5%.

Broken down by sectors of the economy, the third quarter data show that there has been most growth within the sectorial structures of the GDP (18.3%); followed by trade (17.2%), transport and communications (11%), state government (10.4%), agriculture, fisheries (9.3%), construction (7.3%) and healthcare (6%).

There is a significant increase in the following sectors: financial services (24.9%), manufacturing (16.6%), other communal, social and personal service (11.3%), hotels and restaurants (10.9%), trade (9.2%), production of household goods (8.5%) and communications (8.2%).

There is also an increase in these sectors: agriculture, hunting and forest farming, fishing (6.1%), constructions (5.9%), state government (5.8%), transport service (5.2%), real estate operations, lease and service to the customer (4.9%), education (3.4%), electro energy, natural gas and water production and distribution (1.4%).

On the other hand, there was a decrease in the industry of mining and extraction (6.2%).

It should be noted that this is the first time since 2007 that the agriculture, hunting and forest industry, fishing industry has a real GDP increase compared to the same period of the previous year.

Demand has increased in the tourism development sector, and accordingly there is increased demand on the hotels, restaurants and transport service, reflected in the GDP increase in these spheres.

 



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