Issue 69: Gross Domestic Products – 2015

In 2015, according to the preliminary data, the real GDP growth rate of Georgia amounted to 2.8%.

In this period, the largest sectors according to production outputs were trade (16.6%) and industry (16.5%), but compared to the previous year their added value declined (-0.3% and -1.1%, respectively). In 2015, the highest growth rate (15.2%) was observed in construction sector.

        Source: GeoStat

Based on the preliminary data, in 2015, Georgia’s economic growth rate was at its lowest over the past five years, amounting to 2.8%, which is a significant decrease compared to the corresponding indicator of the previous year (-1.8 percentage point). However, the regional situation should be taken into consideration and the International Monetary Fund (IMF) has estimated that economic growth will be reduced by 2 percentage point.

In the first quarter of 2015, GDP increased by 3.2%, while in the second and third quarters it rose by 2.5%, and in the fourth quarter it increased by 2.9%.

In the mentioned period, the structure of real GDP is similar to the corresponding structure of 2014. In 2015, 16.6% of the value added comes from trade, 16.5% from industry, 10.7% from transport and communications, 9.3% from public administrations, 9.2% from agriculture, 8.0% from construction, 6.6% from real estate, 6.2% from healthcare, 5.4% from community, social and personal service, and 4.9% from the education sector.

In 2015, real growth was recorded in all sectors except trade (-0.3%) and industry (-1.1%), which have the first (16.6%) and second (16.5%) largest shares in the composition of the real GDP. The quickest growing economic sectors during 2015 were construction (15.2%), community, social and personal service (7.1%) and real estate (6.1%).

In 2015, production outputs in the industry sector amounted to 3 752 mln GEL, which is 1.1% less compared to the corresponding indicator of 2014. Production declined in all four quarters and the largest decline recorded was in the third quarter (-2.5%; 24.2 mln GEL).

In 2015, based on the business sector data, a number of employed individuals in the industry sector also declined (- 8 322 people), but the average monthly remuneration increased by 11.8% and equaled 896 GEL.

In 2015, the value added by the construction sector is significantly higher (by 15.2%) than the corresponding indicator of 2014. The growth recorded during all four quarters, among them, the most attractive was the third quarter, which makes up 31.6% of total added value of the construction sector.

        Source: National Bank of Georgia
                         Ministry of Finance of Georgia                                                                                                                                           Forecasted *
                         National Statistics Office of Georgia