11
April
2022
For the Georgian economy, 2021 was a year of gradual recovery from the COVID-19 pandemic. According to Geostat rapid estimates, the real GDP expanded by 10.7%, coming within 0.1 percentage points of the ISET-PI forecast from November 2021 and surpassing the NBG and IMF mid-year projections, which ranged between 8% - 8.5% y/y.
28
February
2022
In February 2022, the cost of cooking one standard Imeretian khachapuri increased both annually and monthly, ranging between 5.7 GEL (Kutaisi) and 6.1 GEL (Tbilisi), with an average cost of 5.8 GEL. The latest average price is 28.8% higher than in February 2021. In month-to-month developments, the price of a khachapuri is 0.8% higher compared to the previous month January 2022.
14
February
2022
Geostat has published its rapid estimate of real GDP growth for the fourth quarter of 2021, and their estimated growth stands at 9.5%, which is 1.4 percentage points below the ISET-PI’s most recent forecast. The annual real GDP growth in 2021 amounted to 10.6%, which is 0.2 percentage points lower than our recent prediction.
07
February
2022
The new year started with a historic high for the Khachapuri Index. The Index continued its upward trend, reaching an average cost of 5.77 GEL in January 2022. This is 1.8% higher than December 2021 (MoM) and 23.7% higher compared to January 2021 (YoY). The highest price increase was observed for eggs (47%) and flour (31%).
17
January
2022
Recently, Geostat revised upward its real GDP growth for the third quarter of 2021 to 9.1% (by 0.1 ppt). The real GDP growth rate amounted to 12% year-on-year for November 2021. Consequently, the estimated real GDP growth for the first eleven months of 2021 was 10.7%.
