Georgia’s construction sector increased significantly in 2014 and contributed to boosting the country’s gross domestic product (GDP).

The construction sector had the largest 1.2 percent share in the growth rate of the gross domestic product (GDP) in the first nine months of 2014.

In total, the real GDP increased by 5.6 percent and totaled 7.5 billion GEL in the reported period compared to 2013, stated Policy and Management Consulting Group’s (PMCG) GDP economic outlook and indicators report.

Based on data from state statistics office Geostat, the construction sector has significantly activated. The foreign direct investments (FDI) have largely expanded by 312.7%, compared to the same period of the previous year.

In the period of January-October 2014, the volume of loans to this sector has also grown by 2.0 percent. The product value in this sector has largely increased by 28.1 percent.

Meanwhile, the turnover in the construction sector increased by 33.3 percent (551.9 million GEL), as well as in the third quarter of 2014 (45.1%; 304.0 million. GEL), compared to the same periods in 2013.

However, in the third quarter of 2013, the turnover in this sector by the size of enterprises was distributed accordingly: large (77.7%), medium (13.2%), small (9.1%).

Noteably, the share (2.9 percentage points) of the medium sized enterprises increased, while the share of the large (-1.8 percentage points) and small enterprises (-1.1 percentage points) decreased.

Source:agenda.ge