Georgian PM: “unprecedented” economic growth of 10.3% “result of reasonable policy”
The government reduced its external debt by more than ₾700 million ($247.38 mln), PM also observed, adding the country was enjoying an "unprecedentedly" high rate of economic growth against the background of the "current recession in the world". Photo: PM's press office
Tweet 
Share
Georgian prime minister Irakli Garibashvili on Friday said the country’s "unprecedented" double-digit economic growth of 10.5 percent in August and 10.3 percent over the first eight months of 2022 was the result of the government's "reasonable policy”.
The government administration quoted Garibashvili as noting the Georgian economy had been "greatly affected" by the Covid-19 pandemic, during which it shrank by 6.8 percent and led to an “economic downturn, decrease in incomes, impoverishment, and increase in unemployment”.
Garibashvili said the government had taken on "quite a lot of debt" during the crisis caused by the pandemic, with the figure increasing to more than 60 percent of GDP and the consolidated budget deficit standing at 9.3 percent.
However, we know that the very effective, reasonable steps taken by us very quickly led to the revitalisation of our country's economy, recovery and very strong double-digit economic growth last year. As a reminder, the real growth of the economy in 2021 amounted to 10.4 percent, which means that we were not only able to fully recover the loss suffered in 2020, but also increased the level of the economy by 2.9 percent compared to 2019", Garibashvili said.
He also added the government also managed to achieve "significant fiscal consolidation" in 2022.
In particular, the consolidated budget deficit decreased to 3.2 percent of GDP, while the government debt rate fell below the 40 percent mark of GDP - the government debt has been reduced", Garibashvili said.
The government reduced its external debt by more than ₾700 million ($247.38 mln), he also observed, adding the country was enjoying an "unprecedentedly" high rate of economic growth against the background of the "current recession in the world".
Georgia’s 2023 budget has been planned with a five percent economic growth forecast, Georgian prime minister Irakli Garibashvili said at today's government meeting.
Georgia currently owes $22.3 billion in external debt and the amount is growing, the National Bank of Georgia has said in its latest update of related statistics.
The Georgian economy grew by 10.5 percent in August and by 10.3 percent in the first eight months of 2022 year-on-year, the latest data from the National Statistics Office of Georgia show.
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.
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.
Georgian prime minister Irakli Garibashvili on Friday announced an increase in pensions, salaries for school personnel and state funding for health and social programmes, while also announcing the construction of a residential block with 7,000 flats for internally displaced families and renovation of 500 public schools would begin “soon”.
Georgian prime minister Irakli Garibashvili on Friday said ₾80 million ($28 mln) would be allocated for providing natural gas supply to all regions of Georgia, while ₾900 million ($318mln) would be spent on agriculture and for development of small and medium-sized businesses in the country.
The Honorary Consulate Institute is particularly important for Georgia, including in presenting the country “positively” in the international arena, disseminating objective information, sharing investment and tourism potential, as well as increasing awareness, Levan Davitashvili, the economy minister and vice prime minister said on Sunday at the thematic panel on economic diplomacy within the framework of the conference of Honorary Consuls of Georgia - Cooperation for Strong Partnership.
Georgian prime minister Irakli Garibashvili on Tuesday met representatives of the Georgian business community to discuss the current economic situation of the country, the government administration said.
The Georgian business climate index is at an “all-time high” according to the third quarter data of the BAG Index, a joint product of the Business Association of Georgia, PMC Research Centre and the IFO Institute for Economic Research, Association president Soso Pkhakadze said on Tuesday.
Following the double-digit growth of the Georgian economy in the first eight months of the year, the World Bank has raised its 2022 economic growth forecast for the country from the previously projected 5.5 percent to 8.8, the highest in the Europe and Central Asia region.
Georgian economy minister Levan Davitashvili on Thursday said Georgia was expected to have a higher economic growth this year compared to estimations made by international financial institutions at the start of the crisis stemming from the war in Ukraine.
It is important to maintain a peaceful environment in Georgia, be calm and firm, and continue the development of the country. Against the background of a “very difficult” situation in European countries, Georgia has a record double-digit economic growth throughout Europe and Central Asia, Irakli Garibashvili, the Georgian prime minister said on Sunday.
Georgian prime minister Irakli Garibashvili and members of the government's economic council on Saturday reviewed current economic trends in the country and discussed new initiatives, as well as the ongoing and planned projects, the government administration said.
Georgian prime minister Irakli Garibashvili on Wednesday praised his government’s efforts for ensuring a double-digit economic growth on the backdrop of worldwide economic challenges caused by the Russia-Ukraine conflict at an Investors Council meeting in Tbilisi.
“Major investments” made and planned in the Georgian energy sector and prospects for future cooperation were discussed on Thursday in a meeting between Georgian prime minister Irakli Garibashvili and Praveer Sinha, the CEO and managing director of Tata Power Company Limited.
Georgian prime minister Irakli Garibashvili and members of the government's economic council on Saturday discussed the “positive” economic trends in Georgia and the positive impact of double-digit economic growth on the country’s economic development, the government administration said.
Georgian prime minister Irakli Garibashvili on Monday said the domestic high economic growth rate was expected to be maintained with the year closing with “double-digit figures”. The government administration cited Garibashvili as saying the current 10.2 percent growth was “unprecedented in Europe”, in his summary of figures of the past nine months at the weekly government meeting.
The Georgian economy grew by 8.8 percent in September and by 10.2 percent in the first nine months of 2022 year-on-year, the latest data from the national statistics office of Georgia show.
Georgian economy minister Levan Davitashvili on Monday said the forecast of the International Monetary Fund projected the Georgian economy’s 2022 growth to be 10.5 percent, and highlighted the country exhibited “one of the highest” growth rates in the region.