Economic growth of Iran's northern neighbors
News_Code: 355438 9/20/2021 11:33:19 AM
Economic growth of Iran's northern neighbors
Economic growth in Georgia and Armenia was reported at an all-time high.

Trading Economics reported Georgia's economic growth is at an all-time high, according to the Georgia Statistics Center. In the twelve months ending June, the country's economic growth rate increased by 34.3% compared to the same period last year and reached 29.9%, one of the highest recorded seasonal growths in the country's recent history.

Among the various sectors, leisure and entertainment had the best performance with a growth of 133.6 percent, followed by food services with a growth of 75.5 percent, and retail with a growth of 53.9 percent. On the other hand, the worst performance during this period was related to the service sector, which grew by 3.8%.   

Georgia's average annual economic growth from 2012 to 2021 was equal to 4.2 percent, with the highest recorded figure of 47.9 percent growth in the first quarter of 2021 and the lowest growth of negative 13.2 percent growth in the second quarter of 2020.

On the other hand, the economic growth of another northern neighbor, Armenia, is also recorded at a high level; The country's GDP growth in the second quarter of the year reached 13.1 percent, which is 26.4 percent more than the previous seasonal growth of the country and is one of the best seasonal performance over the last 11 years.

Among the various sectors, the service sector, with a growth of 37.6 percent, had the most impact in recording this figure, and the growth of the construction sector was 12.9 percent during this period. The Armenian economy was under great pressure due to the six-week war with the Republic of Azerbaijan.  

Between 1998 and 2021, the lowest recorded quarterly growth was negative 19.7 percent, and the highest recorded growth was 19.1 percent.