Six-month target: Georgia’s state budget has 252m GEL surplus

Georgia has ended the first six months of the year on a financial high – the country fulfilled its tax revenue plan and the state budget experienced a significant surplus.

Georgia’s Revenue Service of the Ministry of Finance announced all four categories of state budget revenues (revenues, privatisation, decline in financial assets and increase in liabilities) ended the first six months of 2015 in surplus, compared to what was planned.

From January-June 2015, state budget revenue increased by 105.6 percent, or 252 million GEL, amounting to 4,787,100,000 GEL. This amount was projected to reach 4,535,100,000 GEL.

In the same time budget tax revenues amounted to 3.5 billion GEL which was 102.2 percent of what had been allocated in the Government’s six month plan. This figure was 378.1 million GEL higher than the funds accumulated in the same time in 2014.

Consolidate budget tax revenues amounted to 3,814,400,000 GEL which was 106.2 percent more than planned. This year’s figure exceeded last year’s corresponding data by 11.9 percent or 405 million GEL.

As for expenditures, in the first six months of 2015 budget spending reached 4,572,700,000 GEL. This was 96.2 percent of the six-month plan.

Now, at the end of the first half of the 2015, the state budget balance has a balance of 253.5 million GEL, which was 427 million GEL more than what was initially planned.