Georgian PM highlights “peace”, “correct policy” as reason for “high economic growth”, “positive dynamics”
Garibashvili said the growth numbers were “very encouraging, very good and very positive” against the background of the “very difficult geopolitical situation”. Photo: PM's press office
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Georgian Prime Minister Irakli Garibashvili on Monday claimed the current “period of peace” for the country under his Government and its “correct policy” were to be credited with the “exemplary” domestic economic growth of 7.3 percent between January-April and the international tourism revenue exceeding 100 percent in the first quarter of the year.
Garibashvili was cited by the Government Administration as saying the growth numbers were “very encouraging, very good and very positive” against the background of the “very difficult geopolitical situation”.
In April, the volume of exports increased by 20 percent [...] growth is recorded in the construction sector, financial, insurance activities, transport, storage, information, communication sectors. In general, we have a very positive dynamic as a whole, and of course this needs to be maintained”, he said.
The PM also mentioned turnover in the business sector that increased by 15 percent in the first quarter, and the 1.5 percent inflation figure, which he called “quite good”.
Garibashvili contrasted the figure with inflation rates in Lithuania (15%), Poland (14.7%), Czechia (12.7%), Bulgaria (12%) and Romania (11%).
The steps taken by us, which were related to the reduction of medicine prices, reduction of fuel prices, reduction of food prices - all this was reflected in the common basket”, the Government head said.
He also highlighted jobs created in the first quarter, as well as the “historic low” figures of unemployment and poverty.
The PM said 42,000 more jobs had been created in the first quarter, taking the employment number to 716,000, and contrasted the figure of 100,000 people below the poverty line in 2012, the year the Georgian Dream party took power, before pointing out the Government had since cut the number “in half”.
“By comparison, the unemployment rate in 2010 was 27 percent, and now it is at 17 percent - a huge improvement in 10 years. The poverty rate was, if I'm not mistaken, at 37-38 percent in 2010, 2011, 2012, while now it stands at 15.6 percent”, he said.
Prices of certain food products and non-alcoholic beverages decreased month-on-month in Georgia in May, while prices of alcoholic beverages, tobacco, miscellaneous goods and services increased, the latest inflation data published by the National Statistics Office of Georgia on Friday shows.
The Georgian economy grew 7.5 percent in April and 7.3 percent in the first four months of 2023, data published by the National Statistics Office of Georgia on Wednesday shows.
The Administration of the Government of Georgia on Monday said the economic data of 2022 had shown the poverty rate in the country was at a “historic low” of 15.6 percent.
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.
Georgian Prime Minister Irakli Garibashvili on Monday said it was “no coincidence” that the main theme of next year’s World Tourism Day - set to be celebrated in Georgia - would be “Peace and Tourism”.
The current and future economic projects, as well as positive indicators of economic growth in the country, were discussed on Saturday by the Georgian Government’s Economic Council, led by Prime Minister Irakli Garibashvili.
Georgian Prime Minister Irakli Garibashvili on Friday presented an annual report of the Government’s work to the Parliament, where he said the Georgian economy had grown by 7.5 percent over the first five months of 2023 and called the result “quite a strong achievement” amid the Russia-Ukraine war and the “threat of use of nuclear weapons”.
Irakli Kobakhidze, the MP and the head of the ruling Georgian Dream party, on Friday said “Georgia’s having almost double nominal economic upturn” in three years certainly implies a “relevant” growth in everything, including the turnover of enterprises and the employment rate in the country.
The Georgian Government must lead the country to peace and its main task is to maintain the rapid development in Georgia, Georgian Prime Minister Irakli Garibashvili told the media on Saturday.
Commercial banks in Georgia loaned ₾48.02 billion ($17,855 bln) and received deposits of ₾48.06 billion ($17,870 bln) in August, the latest data from the National Bank of Georgia shows.
Grigol Liluashvili, the Head of the State Security Service of Georgia, on Friday noted the threat of use of nuclear weapons in the wider region and told MPs "smart" and "pragmatic" policy was key against the danger.