Georgian PM says GDP to reach $30 bln in 2023
The gross domestic product of Georgia will reach ₾80 billion ($30.08 bln) next year, Prime Minister Irakli Garibashvili said at the Government meeting on Monday, adding the figure had increased by almost ₾30 billion ($11.28 bln) over in the last two to three years. Photo: Nino Alavidze/agenda.ge
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The gross domestic product of Georgia will reach ₾80 billion ($30.08 bln) next year, Prime Minister Irakli Garibashvili said at the Government meeting on Monday, adding the figure had increased by almost ₾30 billion ($11.28 bln) over in the last two to three years.
Garibashvili said his Government was continuing its support for small and medium-sized businesses, tourism, manufacturing, infrastructure and other sectors.
Overall, we expect serious progress [in 2023]. We must maintain high economic growth rates. Last year we achieved double-digit economic growth. This year we have [the same result]. This has given us several billion lari of additional income [which we used to] increase salaries, pensions [...] [and finance] projects”, he said, adding “[t]his pace needs to be maintained [and] we need more active work from the new year".
The Georgian economy grew by 10 percent in the first 10 months of 2022, with the real gross domestic product growth showing an 8.3 percent increase over the previous year in the latest data from the National Statistics Office.
Areas including construction, transport and warehousing, financial and insurance activities and mining industry made a “significant contribution” to the growth, the body said, adding a downward trend was observed in the processing industry and activities related to real estate.
Georgia’s "sound economic management" and "good business environment" will continue to support economic activity, but further reforms will be required to keep the gross domestic product growth between 4-4.5 percent, according to the World Bank’s Country Economic Memorandum for Georgia, released on Tuesday.
The Georgian economy grew by 10 percent in the first 10 months of 2022 with the real gross domestic product growth showing an 8.3 percent increase over the previous year, the latest data from the national statistics office shows.
Georgian prime minister Irakli Garibashvili on Monday highlighted the country’s “double-digit” economic growth for two consecutive years, stressing the outcome was the result of the “sound economic policy” of his government.
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.
Georgia’s gross domestic product per capita will reach $8,000 in 2023 while the current year is on track to close with 10 percent economic growth, Prime Minister Irakli Garibashvili said on Tuesday as part of his end-of-year summary of the Government’s work.
Demand for residential real estate across Georgia is increasing along with prices on houses and flats, the National Bank of Georgia said in its latest real estate sector study, published on Tuesday.