2023 economic growth may exceed planned 6% - National Bank Acting President
Turnava noted the six percent and higher growth in the domestic economy would mean “more income” for citizens and maintenance of “high rate of employment”. Photo: NBG
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Natia Turnava, the Acting President of the National Bank of Georgia, on Wednesday said the domestic economic growth this year could exceed the planned six percent.
In her press comments, the former Economy Minister named investments and foreign trade as “key drivers” of growth, adding the authorities had upgraded their forecast from five to six percent for this year.
However, we expect the economic growth may exceed the planned figure”, Turnava said, adding “it is very positive for the domestic economy” and indicated the development of a “number of sectors”.
She noted the six percent and higher growth in the domestic economy would mean “more income” for citizens and maintenance of “high rate of employment”.
However, Turnava called for caution by responsible agencies and financial institutions to prevent hikes in prices due to high consumer demands.
We do this through our prudent monetary policy”, she claimed, before praising an “important role” of a “healthy and strong” financial sector for growth.
Speaking about inflation rate, the official said the consumer basket included both locally produced and imported products, with the prices of imported goods having a “significant and practically determining role”.
She claimed prices for imported goods had “seriously decreased” over the past several months, and added the Government expected “lower than forecast” rate of inflation until the end of this year.
Natia Turnava, the Acting President of the National Bank of Georgia, on Thursday discussed economic trends in the country, questions related to domestic financial stability and projects implemented with the support of the European Union in a meeting with Pawel Herczynski, the bloc’s Ambassador to Georgia.
Natia Turnava, the newly appointed First Vice President of the National Bank of Georgia, who currently serves as the Acting Chairperson of the institution, on Saturday said the independence of the Bank, guaranteed by the Georgian Constitution, would be “inviolable and protected”.
The Council of the National Bank of Georgia on Thursday elected the former Economy Minister Natia Turnava as the First Vice-President of the Bank with the majority of votes.
Irakli Kobakhidze, the head of the ruling Georgian Dream party, on Tuesday announced his party would “definitely override” President Salome Zourabichvili’s veto on amendments to laws related to the country’s National Bank to “prevent a potential institutional crisis”.
Georgian Prime Minister Irakli Garibashvili on Friday said the Government had raised its growth forecast for 2023 from the earlier five to 6.5 percent and was adjusting the state budget with a ₾500 million ($190mln) increase based on the increased growth rate.
Georgian economy grew 7.5 percent year-on-year in the second quarter of 2023 while the nominal gross domestic product amounted to ₾19.28 billion ($7.35bln), the National Statistics Office said on Monday.
Georgian Prime Minister Irakli Garibashvili on Friday said the country’s budget for 2024, planned with a 5.2 percent economic growth, would be ₾27.800 billion ($10.35bln).
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Tuesday said access to diverse investment resources and innovative financial products could benefit the domestic private sector, in an event organised by the Financial Innovation Programme of the United States Agency for International Development.