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

Agenda.ge, 13 Jun 2022 - 15:41, Tbilisi,Georgia

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".