Georgia economy contracts 10.7pc
Georgia's struggling economy contracted by 10.7 percent year-on-year in the second quarter of 2009, the statistics office said Friday, amid a steep drop in foreign investment.
The contraction was even steeper than a 5.9 percent year-on-year drop in gross domestic product (GDP) in the first quarter of 2009.
The wholesale and retail sectors suffered most in the second quarter, contracting by 32.7 percent, the statistics office said in a statement. The mining sector saw the largest gain, with 18.3 percent growth.
Heavily dependent on foreign investment, Georgia's once-booming economy has suffered from investor flight amid fallout from the global economic crisis and a five-day war with Russia in August 2008.
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