Georgian GDP of 2013 in figures
08 May, 2014
Georgian GDP of 2013 in figures
The Georgian economy grew with 3.2% in 2013 compared to 2012, the Policy and Management Consulting Group informed Georgian Journal. Agriculture and trade increased significantly, contributing to the real GDP growth 0.72 and 0.74 percentage points respectively. According to the PMCG research, in 2013 the real GDP increased 3.2% or GEL 463 million compared to the previous year. In 2013, the largest growth was noted in agriculture (9.8% or GEL134.4 million). Its contribution to the real GDP growth is 0.72 percentage
points. The construction sector was the largest failure and shrunk with -10.6% or lost GEL 124.3 million. This caused a reduction of the real GDP with 0.71 percentage points. Compared to a similar reported period in 2012, the industry increased with 6.9% or GEL 200.2 million. This sector made the largest contribution (0.96 percentage point) to the real GDP growth (3.2%).
Construction decreased significantly with 10.6% as a result of the slow-down of governmental projects in infrastructure. In 2013, the export made up the largest contribution in the formation of the GDP. It increased with 20.1% or GEL 2003.7 million compared to 2012. The export’s share in GDP increased likewise with 0.9 percentage points and equals 5.1%.
In 2013, the volume of final consumption and import stayed almost unchanged. The gross capital formation decreased by 12.2% or GEL 922.5 million as a result of the reduction of government investment. The growth rate of Foreign Direct Investments (FDIs) and real GDP have the similar trends. In 2012, FDI decreased by -20.1% or GEL 378.5 million thus negatively reflecting on GDP growth rate, which also slowed down by 1.0 percentage point in the same period and constituted 6.2%.
In 2013, although the volume of investments increased (1.1% or GEL15.8million) the growth rate of the GDP slowed down again (3.1 percentage point) compared to 2012. This may be due to the reduction of internal investments, PMCG analysts conjecture. In 2013, the production in agriculture increased with 9.8% compared to 2012. In this period, the share of agriculture in real GDP is 10.6%, while the corresponding indicator in 2012 is 10%. In 2013 there was a significant increase in farming animals (9.5% or GEL 96.3million), production of fruits, nuts, beverage and spice crops (for example: grapes)(27.5% or GEL 75.4 million), cereals and other crops (13.0% or GEL 36.9 million). The export of agriculture products also went significantly up (51.1% or GEL 435.4 million).
As the volume of construction decreased with 10.6% in 2013 compared to 2012, the share of construction in GDP also decreased from 8.6% of 2012 to 7.4% in 2013. This was in the aftermath of a significant decrease in infrastructural projects financed by the government (construction of motorways, roads, airfields and sport facilities) which shrunk by 39.4% or GEL 154.2 million. Meanwhile, the volume of FDIs in construction increased with 28.2% or GEL19.6 million in 2013 which may affect the volume of construction in 2014 positively, PMCG analysts forecast.

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