January-September 2015: Georgia’s state budget in surplus
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There is more money in Georgia’s state coffers than expected, latest figures from the Ministry of Finance show.
In the first nine months of the year real budget spending was slightly lower than initial estimations and revenue, particularly from tax payers, was higher than anticipated, noted the Ministry.
Between January and September 2015 tax revenues to Georgia’s consolidated budget reached 5.91 billion GEL - 137.6 million GEL more than expected – meaning at the end of September the consolidated budget had 2.4 percent more funds than expected.
Georgia’s Finance Ministry stated the consolidated budget enjoyed 602 million GEL extra income in the first nine months of 2015 than the same period of last year.
The consolidated budget involved all funds for the country from the state budget, the autonomous republics budgets, budgets of the local municipalities and more.
Meanwhile at the end of September the state budget (which provides a detailed financial plan for the fiscal year) enjoyed 783.7 million GEL cash balance, which was 314.1 million GEL more than expected in the nine-month plan.
Between January and September 2015 Georgia’s state budget enjoyed 563 million GEL from tax payers, which was an 11.2 percent increase year-on-year (y/y).
State budget tax revenues saw 118 million GEL extra income than the first nine months of 2014, which was 2.2 percent more than the nine-month plan estimated.
In the same time state budget expenditure reached 6.6 billion GEL, which was 95.6 percent of the country’s nine-month plan.
Meanwhile Georgia’s Finance Minister Nodar Khaduri announced Georgia would have about 10 billion GEL in the state budget in 2016.
Georgia will have about 10 billion GEL in the state budget in 2016, announced Finance Minister Nodar Khaduri at today’s Government meeting.
The economy of Georgia will grow by more than three billion GEL in nominal terms and reach 33.8 billion GEL, announced Georgia’s Prime Minister Irakli Garibashvili at today’s Government meeting.
Between January and August 2015, Georgia’s state budget enjoyed 823 million GEL extra income than the same period of last year, announced the country’s Finance Minister.
In the past three years Georgia has undergone significant change and achieved many goals, and plans are in place to see the country continue this path of success, says Finance Minister Nodar Khaduri.
Georgia’s Finance Minister Nodar Khaduri is requesting to increase the country’s tax revenue plan by 120 million GEL.
Georgia is ending the year 2015 on a financial high - the state budget fulfilled its revenue plan and the state budget experienced a significant surplus.
Next year Georgia will have a budget of 10 billion GEL to use for state agencies, projects and to further the country.
The country's central bank says high budget deficits forecast for 2017 do not create inflation risks although it was preferable to keep the budget deficit as low as possible.