Finance Ministry: 2014 budget is fulfilled with surplus

The 2014 state budget is fulfilled with surplus Deputy Minister of Finance Giorgi Kakauridze says. Data published at the Georgian Finance Ministry's official web site mof.gov.ge confirms that both parameters, revenue and expenditure, are fulfilled.

Tax revenues were increased the planned sum by 70 million GEL. The 95% of budget was utilized. The annual economic growth was 5, 2%.

Minister of Finance Nodar Khaduri forecasts that Georgian economy will again experience 5 percent growth in 2015. While summarizing the 2014’s state budget he said that it met all the parameters which had been already forecasted.

"The main challenge for 2015 is that the private sector should take the leading position in developing the country’s economy. The budget showed all the perspectives that Georgia has in general. We will do our best to have more successful 2015 and 2016 than it was 2014. Though, it should be noted that 2014 was an exception year when the budget fulfilled with surplus,” said Khaduri.

"Concerning the revenues, budget surplus has exceeded 100%,” said Giorgi Kakauridze, Duputy Minister. "As for the taxes, the performance exceeds 98%. The budget was fulfilled, which is a good starting point for the next 2015 year budget,” he added.

The state budget’s revenues amounted to  9 120, 9 million GEL which is 100, 2 % of planned  9 105 million GEL.

The plan was exceeded by 15, 9 million GEL, including:

• The revenues amounted to  7 398, 7 million GEL which exceeds the draft budget by  79, 7 million GEL. The budget execution rate is 101, 1 %.
• Tax revenues amounted to  6 847.0 million GEL , exceeding the draft budget by  27.0 million GEL. The budget execution rate is 100, 4 %.
• The state budget expenditures amounted to  8 973.6 million GEL.

Data published by the Ministry of Finance was illustrated by the graphic charts which compares the revenues and expenditures of years 2009 - 2014. The graphic shows that 2014 was the only year when both, revenues and expenditures, have the highest indicators.

These indicators were unprecedented in past 10 years as the Ministry's statement said.