January-September 2015: Georgia’s state budget in surplus

National Bank President said 5% growth can be achieved but there were risks as a result of the instability in Ukraine.
Agenda.ge, 02 Oct 2015 - 13:26, Tbilisi,Georgia

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.