- GDP growth rate reaches 25.8% in May 2021 – The estimated real gross domestic product (GDP) growth rate in May 2021 amounted to 25.8% year-on-year and 11.5% in January-May of 2021 year-on-year. Last month the following industries of the economy posted growth compared to the same period of the previous year:
- Financial and Insurance activities
- Real estate activities
- Hotels and restaurants
- Transportation and storage
The Georgian economy is expected to grow by 3.5% in 2021, rebounding with the gradual lifting of the Covid-19 pandemic restrictions and revival of domestic demand, reads the Asian Development Bank Outlook 2021. The World Bank says that the Georgian economy is projected to expand to 4% in 2021 and then to firm to 5% in 2022.
2. Georgian Prime Minister Irakli Garibashvili has met with Managing Director at Rothschild & Co Arielle Malard de Rothschild. During the meeting, Irakli Garibashvili and Arielle Malard de Rothschild talked about Georgia’s favourable investment environment and investment opportunities in specific fields in the country. The officials also highlighted ongoing and past reforms implemented in Georgia. Rothschild & Co is one of the world’s largest independent financial advisory groups, which provides M & A, strategy and financing advice, as well as investment and wealth management solutions to large institutions, individuals and governments worldwide.
3. German KfW offers €24 mln grant for biodiversity and sustainable development in Georgia – German state development bank KfW will help Georgia implement a “Biodiversity and Sustainable Local Development – Georgia’ project with a new grant of €24 million, announces the Ministry of Finance of Georgia. The grant agreement was signed today by Georgian Finance Minister Lasha Khutsishvili and KfW South Caucasus Regional Office Director Klaus Veigel: “The money will be used to develop the capacity of the Forestry Agency of Adjara and to support protected areas of Georgia. In addition, two new protected areas will be created in the Georgian regions of Racha and Shida Kartli”, says the Ministry of Finance of Georgia. Last year the governments of Germany and Georgia signed an agreement according to which the KfW will help Georgia develop the environment and energy sectors, urban and municipal infrastructure and improve the living conditions of IDPs.