Georgia's GDP down 16.6 pct in April due to COVID-19 impact

Source: Xinhua| 2020-05-29 20:32:15|Editor: huaxia

TBILISI, May 29 (Xinhua) -- Georgia's real gross domestic product (GDP) fell 16.6 percent year-on-year in April, according to the latest data released by the country's National Statistics Office (Geostat) on Friday.

It also showed that the GDP decreased by 3.6 percent in the first four months of 2020.

The estimated real growth compared to the same period last year was negative in almost all sectors, said Gogita Todradze, executive director of Geostat.

Construction made the biggest contribution to the 16.6-percent decline in the country's economy in April, followed by trade and manufacturing, Todradze said.

Analysts attributed this mainly to the ongoing COVID-19 pandemic, which has dealt a heavy blow to Georgia's economy and those of other countries.

They predicted that the country's economy will continue to register negative growth in the first half of 2020.

According to a recent report from the World Bank, Georgia's economy will achieve zero growth in 2020 due to the COVID-19 impact, which is still far from being over.

Georgia on Saturday formally terminated its 63-day state of emergency, in a bid to rejuvenate the country's economy. Enditem