Minister of Finance projects Georgian economy to maintain growth rate in April

Georgian Finance Minister Lasha Khutsishvili has said that the 4% growth rate of the economy that was observed in March will increase 'even more' in April, announces the Ministry of Finance of Georgia.

The Georgian economy grew 4% year-on-year in March posting growth for the first time in a year, according to preliminary data from the National Statistics Office of Georgia (Geostat).

• After year long downturn Georgian economy grows 4% in March

Khutsishvili said that turnover increased in all sectors in April.

Exports and imports have increased, which has had a positive effect on revenue generation, and trade turnover is characterised by an upward trend. Therefore, we can say that the March 4% growth trend will increase even more in April. We think that the economic growth, which we have set in the budget this year (4.3%), is realistic based on this data", Khutsishvili said.

The Georgian economy is expected to grow by 3.5% in 2021, rebounding with the gradual lifting of the Covid-19 pandemic restrictions and revival of domestic demand, reads the Asian Development Bank (ADB) Outlook 2021.

The ADB projected Georgia’s gross domestic product (GDP) growth to accelerate to 6% in 2022 as a full reopening of the economy and expected recovery in tourism will boost travel and commerce.

The ‘Europe and Central Asia Economic Update’ published by the World Bank reads that the Georgian economy is unlikely to recover to pre-Covid levels until late 2022. 

The World Bank says that the Georgian economy is projected to expand to 4% in 2021 and then to firm to 5% in 2022.