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.

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”.

• Georgian economy grew 10.1% in 2022 - National Statistics Office

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.

• Turkey, Russia, China Georgia’s top trading partners in 2022

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.