In 2021, Georgian economy grew at fastest pace in South Caucasus

09/02/2022

15:53

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After a severe recession in 2020, the Georgian economy has managed to recover. According to Geostat, in 2021 the country's economy grew by 10.6% compared to 2020. This means that the economy has managed to recover from the recession. It should also be noted that in 2020, the Georgian economy shrank by an average of 6.8%, while the economic growth in 2021 exceeded the pre-pandemic [2019] growth rate by 3.1%.

As for neighboring countries, in 2021 the economy of Azerbaijan increased by 5.6%. This means that compared to the pandemic year 2019, the economy of Azerbaijan grew by 1.1% and, consequently, managed to recover. As for the major sectors, 42.5% of the economy is directly connected to the industry, 17.2% - to tourism, and 10.1% - to trade.

Last year turned out to be the most unsuccessful for Armenia. According to official statistics, the Armenian economy grew by 5.8% in 2021.

Accordingly, it turns out that last year Georgia ranked first in terms of economic growth in the South Caucasus region.

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