Exports up 48.4% “amid external challenges” - PM
Georgia exported a record $504 million of goods in May, marking a 48 percent increase compared to the same month of the previous year. Photo: Nino Alavidze/Agenda.ge
Tweet 
Share
Georgian Prime Minister Irakli Garibashvili on Monday highlighted the record-high monthly figure hit by the country’s exports in May, pointing to the $504 billion of goods exported amid the challenges created by the conflict in Ukraine.
[The result] is especially noteworthy in the light of the war going on in Ukraine. We have growth in all directions. Exports, tourism, double-digit economic growth - which is unprecedented today, in such a situation, not only in Europe, but all over the world”, Garibashvili said at the weekly Government meeting.
He added Georgia had experienced 14.4 percent economic growth in the first quarter of the year and 10.8 percent growth in the first four months of 2022, calling the result “a rarity”.
The PM also mentioned foreign direct investments in Georgia had amounted to $568.2 million in the first quarter of 2022, four times higher compared to the same period of the previous year.
This is indeed a record. This is against a backdrop of challenges that are unparalleled around the world since World War 2", Garibashvili said at the meeting.
He also said the Government's economic expectations were "modest but optimistic", adding the business sector was “motivated” as it "correctly perceives the stability and predictability that our Government has created in the country".
TBC Capital, a Georgian brokerage, advisory and investment bank, on Monday forecast an eight percent growth for the country’s economy in the ongoing year.
Georgia exported a record $504 million of goods in May, marking a 48 percent increase compared to the same month of the previous year, preliminary data from the National Statistics Office of Georgia show.
Spain with $196.1 million, the United Kingdom with $87.2 million, and Turkey with $67.1 million were the countries that invested most heavily in Georgia in the first quarter of 2022, the preliminary data by the National Statistics Office of Georgia showed on Thursday.
The Georgian economy is projected to grow 5.5 percent in 2022 and next year, followed by a 5 percent growth in 2024, the June edition of the World Bank’s Global Economic Prospects report has said.
Georgian Economy Minister Levan Davitashvili on Monday said the country remained an "attractive country" for the investors despite the "high risks" in the Black Sea region.
Georgian Deputy Economy Minister Genadi Arveladze promoted the country's investment opportunities at a roundtable meeting held in Bern on Friday involving officials and businesses from Switzerland, the Ministry has announced.
Georgian Economy Minister Levan Davitashvili briefed the European Union-Georgia Business Council on domestic economic policy priorities, challenges and solutions, current and future reforms and economic trends, the Ministry announced on Friday.
Turkey ($1.02 billion), China ($783.1 million) and Russia ($764.2 million) are the top trading partners of Georgia in total external trade turnover in January-May 2022, preliminary data from the National Statistics Office of Georgia show.
The growing trade dynamics between Hungary and Georgia, wider economic ties and potential of developing greater relations were discussed on Saturday in a meeting between Georgian Economy Minister Levan Davitashvili and Hungarian Foreign Minister Péter Szijjártó.
Georgian Prime Minister Irakli Garibashvili said Georgia experienced “double-digit” economic growth in the first five months of 2022 despite "world markets crashing" the recessions caused by the Russia-Ukraine war, the Government Administration announced on Monday.
Georgia exported $439 million of goods in June, marking a 25 percent increase compared to the same month of 2021, preliminary data from the National Statistics Office of Georgia shows.
Turkey ($1.29 billion), Russia ($962.2 million) and China ($922.5 million) are the top trading partners of Georgia in total external trade turnover in January-June 2022, preliminary data from the National Statistics Office of Georgia show.
Georgia exported a record $540 million of goods in July, marking a 40 percent increase compared to the same month of 2021, Prime Minister Irakli Garibashvili said at today's Government meeting.
Türkiye ($1.52 billion), Russia ($1.21 billion) and China ($1.09 billion) were the top trading partners of Georgia in its total external trade turnover in January-July 2022, preliminary data from the National Statistics Office of Georgia show.