Following the tentative recovery observed in 2021, global economic conditions worsened significantly in 2022 (IMF, July 2022). Russia’s invasion of Ukraine on 24 February 2022 caused global economic growth estimates to drop for the first time since 2020.

Recently, Geostat has released the preliminary estimate of real GDP growth for the second quarter of 2022, which now stands at 7.1%.

In August 2022, Georgian power plants generated 1,401 mln. kWh of electricity. This represents a 16% increase in the total generation compared to the previous year (in August 2021, the total generation was 1,203 mln. kWh).

Russia’s invasion of Ukraine has profoundly affected nearly every aspect of the global economy, from food and energy security to supply chains and financial markets. The World Bank (June 2022) estimates that the 2021 5.5% rebound global growth is therefore expected to drop to 2.9% y/y in 2022.

In June 2022, the National Statistics Office of Georgia issued its annual publication on the agricultural sector – Agriculture of Georgia 2021. The publication estimates that agriculture, forestry, and fishing comprised 7% of the GDP in 2021, which was lower than the 8.3% share in 2020, but in line with the general trend over the last few years (agricultural GDP being 7-8% of GDP on average).