Growth “important factor” in reducing unemployment to “historic low” - Deputy Economy Minister
The Economy Ministry cited the National Statistics Office as saying 1,284,000 individuals had been registered as employed last year, with unemployment decreasing in all age groups and both in rural and urban areas. Photo via Economy Ministry
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Georgian Deputy Economy Minister Vakhtang Tsintsadze on Monday said the country’s economic growth rate had proved an “important factor” in reducing unemployment to its “historic low” of 17.3 percent, creating new jobs and combating poverty in the country.
Tsintsadze said the high growth between 2021-2022 had been paralleled by a decrease in unemployment by about 3.4 percent in 2023 compared to the previous year, and emphasised the figure had also decreased compared to the pre-pandemic period
The Economy Ministry cited the National Statistics Office as saying 1,284,000 individuals had been registered as employed last year, with unemployment decreasing in all age groups and both in rural and urban areas.
Tsintsadze also highlighted an increase of activity on the labour market and said it was creating new opportunities for those looking for jobs.
The Georgian economy’s 2022 growth is projected to be at 10 percent in the final tallying of numbers for the past year, with a "much stronger” domestic economic activity observed compared with expectations in the aftermath of Russia’s invasion of Ukraine, the January report of the World Bank Global Economic Prospects has said.
Georgian Economy Minister Levan Davitashvili on Tuesday said the "positive trends" of the country's economic growth from 2022 were expected to be maintained this year due to its multifaceted form over the past 12 months.
Average monthly nominal earnings in Georgia increased by 21.2 percent in the fourth quarter of 2022 compared to the same period of the previous year and reached ₾1,773.7 ($687.57), the National Statistics Office of Georgia said on Friday.
The turnover received by the Georgian business sector increased by 19.2 percent (y/y) and amounted to ₾41.7 billion (about $14.53 bln) in the second quarter of 2022, the latest data published by the National Statistic Office of Georgia said.
Unemployment rate in Georgia decreased by 1.4 percent in the first quarter of 2023 compared to the same quarter of the previous year and equalled 18 percent across the country, data from the National Statistics Office of Georgia shows.
Unemployment in Georgia was at its lowest rate in 20 years in 2022, the World Bank has said in its highlighting of statistics showing last year’s figure in the country at 11.3 percent.
Georgian Finance Minister Lasha Khutsishvili on Monday said the Government expected “even greater progress” through an increase in economic activity, following World Bank statistics that showed unemployment in the country hit the lowest point in 20 years in 2022.
Georgian Prime Minister Irakli Garibashvili on Saturday said the Government would lead the country to peace and continue to fulfil its “direct duty and responsibility” to prioritise the “salvation” of the country, protection and safety of the citizens.
Unemployment rate in Georgia decreased by 1.4 percent year-on-year in the second quarter of 2023 and equalled 16.7 percent across the country, data from the National Statistics Office of Georgia shows.