Georgia’s budget fulfilled with surplus for Q1 2015

Georgia fulfilled its tax revenue plan, and the budget also experienced a surplus, announced Georgia’s Revenue Service of the Ministry of Finance.

In February 2015, VAT payers turnover increased by 13.1 percent year-on-year (y/y) and amounted to 3.6 million GEL.

At today’s Governmental meeting Georgia’s Prime Minister Irakli Garibashvili spoke on the topic and said the budget was fulfilled and achieved a surplus in the first quarter (Q1) of 2015.

"The budget revenues had a surplus of 106 million GEL and amounted to two million GEL, while the budget income had a surplus of 81 million GEL.

"Tax revenues achieved a surplus of 48 million GEL. The budget expenditure was 97 percent fulfilled. The money allocated to capital projects from the budget amounted to 174 million GEL,” Garibashvili said.

The PM said the state budget balance was 643 million GEL - 172 million GEL more than what was originally planned.

Meanwhile Garibashvili also spoke about Georgia’s Ministry of Regional Development and Infrastructure and mentioned this Ministry’s budget expenditure performance was 107 percent. 

While praising the achievements of this Ministry and other Government departments, PM Garibashvili called on all ministries to be more active.

The 2014 state budget was also fulfilled with surplus. Garibashvili noted parameters, revenue and expenditure were met.

Last year tax revenues were increased by 70 million GEL over the planned sum. In total, 95 percent of the budget was utilized. The annual economic growth was 5.2 percent in 2014.