ISET predicts Georgia’s economy will continue to shrink in the first quarter of 2021. According to the research, the economy will shrink by 3.5% in January-March.
The country saw a 7.7% decline in November while in the fourth quarter of the year ISET forecasts a 5.2% decline in the economy. The study says that tourism has had the biggest impact on the economic downturn. The number of international travelers fell by 91% in November.
In the third quarter of 2020, GDP at current prices totaled GEL 13 331.2 mln, while the real GDP declined 5.6 percent compared to the same period of last year.