Georgia’s 2023 budget planned with 5% economic growth forecast - PM
The government administration cited the government head as saying next year’s budget would be “quite conservative” in its planning while the economy “continued fiscal consolidation”. Photo: Nino Alavidze/Agenda.ge
Tweet 
Share
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.
The government administration cited the government head as saying next year’s budget would be “quite conservative” in its planning while the economy “continued fiscal consolidation”.
Within the five percent growth, gross domestic product may reach ₾80 billion ($28.27bln). In this situation, the gross domestic product per capita would be almost $7,500 compared to $4,800", Garibashvili said in reference to the growth in the figure over the recent years.
The PM added that GDP in 2020 had amounted to ₾50 billion ($17.67bln), while last year it had reached ₾60 billion ($21.20bln).
"This means that we have increased the gross domestic product by ₾30 billion ($10.60bln) within two to three years. This is approximately a $10 billion increase in the total economy", Garibashvili said.
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.
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 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”.
Georgian health minister Zurab Azarashvili on Monday said financing of medications against chronic illnesses would be increased by ₾30 million ($10.68mln) in the 2023 state budget.
The ministry of culture, sport and youth of Georgia will command a budget of ₾401 million ($144mln) next year, after a joint sitting of the Georgian parliament’s committee of sports and youth affairs and its culture counterpart on Tuesday approved the initial version of the 2023 draft budget.
Transparency International Georgia has recommended the government of the country to further reduce its budget deficit and consider less foreign debts in next year’s state budget, as the parliament is preparing for the final approval of the financial document.
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.
Georgian finance minister Lasha Khutsishvili on Thursday said reducing the country's external debt, which currently stands at $22.3 billion, was among the government's priorities.
The gross external debt of Georgia decreased by $127.1 million during the third quarter of 2022 and stood at $22.2 billion as of September 30, the National Bank of Georgia said in its latest update of national debt statistics on Friday.