Georgia`s industrial production down 8.7% in first half
In a period when it had been expected to grow, Georgia's industrial output fell 8.7% year-on-year in the first half of 2001, the state statistics department has said.
Industrial output growth in the second quarter (1.2% in April, 3% in May, 6.5% in June) did not compensate for the first quarter slump. Of the 50 companies that mainly determine the rate of industrial development in the country, 23 experienced a drop in production. Output totalled 512 million lari in the first half, with the public sector accounting for 43.1% and the private sector for 56.9%.
The heaviest decline of 21% was observed in the production and distribution of electricity and natural gas, as well as water supply. Output was up 17.4% in the mining industry. Georgia's shadow production of goods and services remains high, accounting for a 31.8% share of the economy against 32.6% in 2000, and 55.1% of the entrepreneurial sector against 55.2% in 2000. The official exchange rate on July 27 stood at 2.07 lari/$1.
