“Positive trends” of state budget execution in focus of Gov’t Economic Council
The double-digit economic growth, increased exports and strengthening dynamics of tourism recovery were also discussed at the gathering, with the Council highlighting the 11.6 percent growth in May and the average growth between January-May at 11.2 percent. Photo: Georgian Government Administration
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The “positive trends” of the Georgian state budget execution, along with the review of the double-digit growth of the county’s economy, were discussed during a meeting of the Government’s Economic Council on Wednesday.
Both the total revenue index and tax revenue plans were completed in excess, officials noted, with inflows of the state budget also reaching 9.1 billion ($3.1bln/€3bln).
During the meeting, the ministers also spoke of the consolidated budget deficit standing at 0.3 percent and showing continuation of planned fiscal consolidation, the Government Administration said, adding by the end of the year it would be possible to “significantly reduce” the annual figure.
The double-digit economic growth, increased exports and strengthening dynamics of tourism recovery were also discussed at the gathering, with the Council highlighting the 11.6 percent growth in May and the average growth between January-May at 11.2 percent.
A 54.3 percent increase in exports in May this year was also pointed out, along with a 63.3 percent growth in local exports. Recovery of income from the tourism industry between January and May was also noted, with 75.3 percent recovery in the sector amounting to $840.9 million.
A total of 445,894 international travellers visited Georgia in June this year, marking an increase of 185.5 percent compared to the same period of 2021, the Administration said.
The Georgian economy grew by 11.6 percent in May and by 11.2 percent in the first five months of 2022 year-on-year, the latest data from the National Statistics Office of Georgia show.
Georgia has exported locally produced goods worth $2.11 billion between January-May, which is a 37.5 percent increase year-on-year, preliminary data from the National Statistics Office of Georgia show.
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.
Reforming the social policy, improving the public infrastructure and taking “specific steps” to facilitate the economic growth were topics of discussion during a meeting of the Georgian Government’s economic council, led by Prime Minister Irakli Garibashvili, on Saturday.
Georgian Prime Minister Irakli Garibashvili and members of the Government's Economic Council met on Saturday to review current economic trends.
Georgian Prime Minister Irakli Garibashvili discussed planned measures against illegal street vending and other questions with cabinet members at a Government meeting on Monday.
Georgian Prime Minister Irakli Garibashvili and members of the Government's Economic Council met on Saturday to review current economic trends in the country.
The estimated real Gross Domestic Product of Georgia grew by 9.7 percent in July 2022 year-on-year, while the average real GDP increased by 10.3 percent between January-July, the latest data from the National Statistics Office of Georgia shows.
Georgian Prime Minister Irakli Garibashvili on Monday said Georgia’s average real Gross Domestic Product increase of 10.3 percent between January and July was an “unprecedented economic growth worldwide” on the backdrop of Russia’s war in Ukraine, which he said had caused “serious economic challenges in Europe, and in the whole world”.
Georgian Finance Minister Lasha Khutsishvili on Wednesday told the General Assembly of the Intra-European Organisation of Tax Administrations the Georgian tax administration had “always been a leader” in offering tax services in digital format.