Georgian PM: 10.3% economic growth over past seven months “unprecedented” worldwide
Georgian Prime Minister Irakli Garibashvili said on Monday the Georgian economy was growing despite the current worldwide economic challenges caused by Russia’s war in Ukraine. Photo: Government of Georgia press office
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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”.
Speaking at the cabinet meeting, the Prime Minister said despite the challenges caused by the conflict, Georgia had managed to “have a double-digit economic growth, which, of course, is very welcome”.
The head of the Government also stressed the country’s exports had increased by 40 percent, while remittances had grown by 46.8 percent, exceeding $300 million, in the reported period.
The turnover in the business sector has also increased significantly, as well as the number of employed people both in the first and the second quarters of this year”, Garibashvili said, noting the turnover of the business sector had increased by 25 percent between January-June.
The estimated real Gross Domestic Product of Georgia grew by 9.7 percent in July 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 showed last week.
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.
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 the Government would “do its best” to ensure "peace, stability and development" of the country's economy.
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.
Foreign direct investments in Georgia totalled $351.8 million in the second quarter of 2022, marking a 9.1 percent increase compared to the adjusted data of the same period in 2021, the National Statistics Office of Georgia reported in its latest figures on Thursday.
The “favourable” investment environment in Georgia, the ongoing and planned investment projects of the Gebrüder Weiss company were discussed on Saturday in a meeting between Georgian Prime Minister Irakli Garibashvili and the Austrian transport and logistics company's Chief Executive Officer Wolfram Senger-Weiss.
Georgian Prime Minister Irakli Garibashvili on Monday announced amendments to the country’s budget bill to reduce its foreign debt to 40 percent of the gross domestic product, and budget deficit to 3.2 percent of the GDP, crediting the “unprecedented, double-digit” economic growth for enabling the moves.
The Georgian economy grew by 7.1 percent in the second quarter of 2022 year-on-year, while the gross domestic product deflator percentage change equalled to 8.2 percent, the latest data from the National Statistics Office of Georgia show.
The Asian Development Bank projects the Georgian economy to grow seven percent in 2022, "driven by higher export and tourism revenue, a large inflow of money transfers, and strong private consumption", the bank said in a report on Wednesday.
The European Bank for Reconstruction and Development has raised its economic growth forecast for Georgia, announcing it is expecting the Georgian economy to grow eight percent this year, "significantly higher” than the previously predicted three percent growth.
Irakli Kobakhidze, the chair of the ruling Georgian Dream party, on Tuesday said the Georgian government respected its international partners but was making “sovereign decisions in the best interests” of the country and its citizens.
Georgian prime minister Irakli Garibashvili on Thursday discussed the “unprecedented growth” of the country's economy on the backdrop of the global recession, as well as current economic trends and ongoing and planned investment projects with Vazil Hudak, his special adviser for foreign investments.