Georgia’s economic growth fixed at higher than expected level - PM
He also pointed out the “positive dynamics” of economic growth, saying the figure in June amounted to 7.2 percent, with the average growth for January-June standing at 10.5 percent and naming the growth in the country “outstanding” not in the region, but throughout Europe. Photo: Nino Alavidze/Agenda.ge
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Economic growth in Georgia is observed at a higher than expected level, a process contributing to the stabilisation of the share of the Government debt to the gross domestic product, Prime Minister Irakli Garibashvili said on Monday.
During the discussion of Fitch Rating’s latest update which affirmed the country at BB credit rating, the government head noted that compared to countries with a similar rating, Georgia had “significantly higher” governance indicators.
It should be noted that the report emphasises that compared to countries with a BB rating, Georgia has both a credible and effective policy framework and open governance indicators,” Garibashvili said.
He also pointed out the “positive dynamics” of economic growth, saying the figure in June amounted to 7.2 percent, with the average growth for January-June standing at 10.5 percent and naming the growth in the country “outstanding” not in the region, but throughout Europe.
Pledging to do his utmost to maintain the growth dynamics, the PM also said exports in Georgia increased by about 28 percent and amounted to $448 million.
Additionally, he noted the level of recovery of revenues from tourism in June totalled 88.7 percent, amounting to more than $300 million.
A “significant increase” in the volume of remittances was also highlighted by the official, saying in June the figure amounted to $427 million.
Fitch Ratings, a global financial ratings firm, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at a BB level, with a “stable” outlook for the country’s financial developments.
Georgian Prime Minister Irakli Garibashvili on Friday said the double-digit economic growth of 10.5 percent over the first six months of 2022 was the result of the Government's "reasonable and national" policy.
The Georgian economy grew by 7.2 percent in June and by 10.5 percent in the first six months of 2022 year-on-year, the latest data from the National Statistics Office of Georgia show.
Georgia has exported locally produced goods worth $2.55 billion between January-June, which is a 35.6 percent increase year-on-year, preliminary data from the National Statistics Office of Georgia show.
Georgia received $427.4 million from abroad in June 2022, which is 111.7 percent more than the amount in June 2021, says the National Bank of Georgia.
Standard & Poor's Global Ratings has increased the economic growth forecast for Georgia from five to eight percent, revised its outlook from negative to stable and affirmed the country’s long- and short-term foreign and local currency sovereign credit ratings at 'BB/B', Prime Minister Irakli Garibashvili announced on Monday.
Georgian Prime Minister Irakli Garibashvili said Georgia has maintained "peace, stability and strong economic development, while the whole world is facing the biggest challenges", the Government Administration announced on Saturday.
Levan Davitashvili, the Georgian economy minister and vice prime minister said on Tuesday, at the ceremony celebrating the 30th anniversary of the partnership between the World Bank and Georgia, he was “glad” that Georgia has officially joined the International Development Association of the World Bank as a donor country and would have an opportunity to share its success and experience with the countries being “unfortunately” on the verge of poverty and aiming to develop into higher income countries.
Georgian prime minister Irakli Garibashvili and members of the government's economic council met on Saturday to review current economic trends and new initiatives in the country.
Georgian prime minister Irakli Garibashvili and members of the government's economic council on Saturday reviewed current economic trends in the country, as well as the ongoing and planned projects, the government administration said.