Bank of Georgia Earnings and Strategy Update
SOLID ECONOMIC GROWTH IN 2021
REAL GDP GROWTH IN 2021 EXCEEDING 2019 LEVEL
Source: Geostat
70%
Real GDP growth in 2021:
10.6% y-o-y
3.1% compared with 2019
60%
44.8%
50%
40%
30%
20%
25.8%
20.8%
18.7%
8.8%
9.9% 10.3%
12.0%
9.6%
9.5%
6.9% 6.9%
10%
4.0%
-3.0%
0% -7.0%
1.2%
3.8% 4.5% 6.1% 2.7% 3.4% 0.9%
-10%
-5.1%
-11.5%
-20%
-30%
Jan Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
Real GDP growth, 2021 vs. 2020
Real GDP growth, 2021 vs. 2019
GDP contracted by 6.8% in 2020 and by 4.1% in 1Q21,
mainly due to the COVID-19-related restrictions
As restrictions were gradually lifted, the economy has
gained momentum since 2Q21, with real GDP up 28.9%
y-o-y in 2Q21, up 9.1% y-o-y in 3Q21 and up 9.5% y-o-y in
4Q21
Estimated real GDP growth was 10.6% y-o-y for full
year 2021, exceeding the 2019 pre-pandemic level by
3.1%
Robust growth in remittances and exports, and a faster
than expected rebound in tourism, together with fiscal
stimulus and accelerated banking sector lending, have
supported the recovery
In 2021:
Exports were up 26.9% y-o-y and up 11.7% compared
with 2019
Remittances were up 24.6% y-o-y and up 35.6%
compared with 2019
Tourism revenues were at 38.1% of the 2019 level, with
tourism arrivals accelerating since April 2021
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