Real GDP shrinks 16.6% y/y in April 2020
Georgia’s economy contracted by 16.6% y/y in April 2020 after falling 2.7% y/y in previous month, according to Geostat’s rapid estimates. Real growth was positive in mining sector only, while the rest of economy contracted reflecting lockdown effects. Overall, real GDP growth was down 3.6% y/y in 4M20. Monthly rapid estimates are based on VAT turnover, fiscal and monetary statistics.
NPLs at 2.3% in April 2020
In April 2020, the banking sector loan portfolio increased 17.2% y/y after growing 17.1% y/y in previous month, excluding the exchange rate effect. In unadjusted terms, loan portfolio was up 28.3% y/y and down 2.2% m/m to GEL 34.2bn (US$ 10.7bn). Deposits were up 7.1% y/y excluding the exchange rate effect. In unadjusted terms, deposits were up 19.2% y/y and down 4.5% m/m to GEL 27.6bn (US$ 8.6bn). Loan dollarization stood at 57.7% (+2.07ppts y/y and -0.79ppts m/m) and deposit dollarization was 65.7% (+3.82ppts y/y and -0.63ppts m/m). NPLs stood at 2.3% in April 2020 (-1.10ppts y/y and +0.09ppts m/m).
