“Positive trends” of state budget execution in focus of Gov’t Economic Council

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.

• Georgian economy grows 11.2% in January-May

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.

• Georgian domestic exports up 37.5% in January-May

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.