MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

“The rate of economic reduction is decreasing monthly and we expect that by the end of the year the rate of reduction will be twice lower than the European average,” – the Minister of Economy and Sustainable Development, Natia Turnava stated when  commenting on preliminary economic growth assessment by the GeoSstat in August.

According to preliminary data by the GeoStat, the economic reduction was 5,3% in August, 2020.

“It was expectable that we would have a reduction in the rate of economic growth but the rate of reduction is slow, which we have repeatedly said. In particular, it was minus 5,3 percent in August, minus 5,5% in July, minus 7,7% in June, minus 13,.5% in May and so on. These figures clearly show that the pace of economic reduction has been slowed down despite the global pandemic and economic crisis. In August, economic activities were intensified and no it is progressing rapidly. By the end of the year, the rate of the reduction will be twice lower than the European average, and the next year will be the year of economic growth and economic recovery,” – Natia Turnava said.