Finance Minister tells Parliament higher economic growth rate expected in 2023
Georgian Finance Minister Lasha Khutsishvili on Thursday told the Parliament he was expecting maintenance of “positive dynamics” of economic growth in the country and even higher figures this year. Photo: Ministry of Financ
Tweet 
Share
Georgian Finance Minister Lasha Khutsishvili on Thursday told the Parliament he was expecting maintenance of “positive dynamics” of economic growth in the country and even higher figures this year.
Khutsishvili told MPs data published by the National Statistics Office of Georgia showed the real gross domestic product grew 10.1 percent in 2022 year-on-year, with combined figures of 2021 and 2022 showing the level of the economy had “fully returned to the pre-pandemic trend”.
Khutsishvili noted “significant” growth was continuing in 2023, adding inflation was expected to remain close to the target of three percent in the second half of the year.
The Minister also highlighted increased external trade turnover (+32.8%) in 2022 with Turkey ($2.80 billion), Russia ($2.48 billion) and China ($1.86 billion) - the top trading partners of the country.
In 2022, revenues from tourism marked a 107.6 percent restoration from the pre-pandemic 2019 figures, he also told lawmakers, adding the sector’s revenue in 2022 had exceeded $3.5 billion.
If we exclude the amount received from tourists from Russia and Ukraine, the recovery rate is 91 percent from the pre-pandemic 2019. It is expected that tourism will continue to make a significant contribution to economic growth this year as well", Khutsishvili added.
Remittances from abroad doubled in 2022 year-on-year and reached $4.4 billion, the Minister also told MPs.
Foreign direct investments in the country exceeded $2 billion in 2022, setting a “historic high” mark, with the share of the European Union, the United Kingdom and the United States in the number totalling 72.6 percent, he also pointed out in comments.
Georgian Finance Minister Lasha Khutsishvili on Monday said the country’s economy had grown by 10 percent in the first 11 months of 2022, with the rate expected to be maintained in the final figures of the year.
The Georgian economy is forecast to grow 5.2 percent in 2023 and 4.6 percent in 2024, the World Economic Situation and Prospects report by the United Nations said on Thursday.
The nominal gross domestic product of Georgia amounted to ₾71.75 billion ($27.87bln) in 2022, marking a 10.1 percent real GDP growth year-on-year, data published by the National Statistics Office of Georgia on Tuesday shows.
Georgian Economy Minister Levan Davitashvili on Monday said foreign direct investments in the country had exceeded $2 billion in 2022, setting a “historic high” mark.
Georgian Finance Minister Lasha Khutsishvili on Thursday told the country’s Parliament financial authorities were working on harmonising the domestic legislation with the European Union and ensuring tax transparency through international agreements.
The Georgian economy grew 5.8 percent in February and 7.1 percent in the first two months of 2023, data published by the National Statistics Office of Georgia on Friday shows.
Georgian Prime Minister Irakli Garibashvili on Monday said the country’s account deficit between imports and exports, unemployment and poverty had all hit “historic lows” in the past year while the domestic economy was observed at an “all-time high” and GDP per capita at a “historic maximum”.
The Georgian economy is expected to grow by 4.5 percent in 2023 before reaching a five percent growth rate in 2024, a new report by the Asian Development Bank said on Tuesday.
Economic growth in Georgia is expected to ease to 4.4 percent in 2023 and reach five percent in 2024 and 2025, the Europe and Central Asia Economic Update of the World Bank said on Thursday.
The Netherlands was Georgia's major foreign direct investor country in the first quarter of this year with $239.6 million, followed by Japan with $63.2 million and the United States with $54.7 million, the National Statistics Office of Georgia reported in its latest figures on Friday.