Deputy Economy Minister says positive growth trends to be maintained in coming months
Georgian Deputy Economy Minister Vakhtan Tsintsadze said the Government’s “reasonable” macroeconomic policy was ensuring Georgia's resilience to external shocks. Photo: Ministry of Economy
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Georgian Deputy Economy Minister Vakhtan Tsintsadze on Thursday said the Government’s “reasonable” macroeconomic policy was ensuring Georgia's resilience to external shocks and “positive trends” of economic growth would be maintained in the coming months.
The National Statistics Office of Georgia on Thursday released the latest gross domestic product data, which said the domestic economy grew 5.5 percent in July year-on-year and 7.2 percent in the first seven months of 2023.
Tsintsadze said growth of investment activities, as well as the positive trends observed in the trade of goods and tourism, were contributing factors to the growth.
Statistics show GDP growth was mainly driven by estimated real growth in financial and insurance activities, construction, trade, professional, and scientific and technical sectors.
Tsintsadze also noted exports grew by 15.9 percent y/y in January-July and reached $3.58 billion.
The Georgian economy grew 5.5 percent in July year-on-year and 7.2 percent in the first seven months of 2023, the National Statistics Office of Georgia said on Friday. Last month’s growth was mainly driven by estimated real growth in financial and insurance activities, construction, trade, professional, and scientific and technical sectors, the Office said.
Prime Minister Irakli Garibashvili on Monday addressed the Georgia-China Business Forum in Beijing and described his country’s economy as the “fastest growing” in the world, while also saying the domestic inflation in June had amounted to only 0.6 percent.
The Georgian economy grew 7.2 percent in the first quarter of 2023 and 7.3 percent in March, the latest data for the gross domestic product by the National Statistics Office of Georgia on Friday shows.
Vakhtang Tsintsadze, the Georgian Deputy Economy Minister, on Wednesday cited the International Monetary Fund on its projection of 5 percent average economic growth for Georgia between 2023-2028, and said the Fund’s figures put the country as a “leader” both regionally and among European states.
Georgian Economy Minister Levan Davitashvili on Monday highlighted the “historically maximum number” of 737,000 people he said were employed in the domestic business sector.
Vakhtang Tsintsadze, the Georgian Deputy Economy Minister, on Thursday said his office expected the volume of export and trade turnover to hit “new record levels” this year, repeating the results of 2022.
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 Tuesday highlighted Georgia as a “global hub for business and finance” and one of the world’s “fastest-growing” economies while addressing the United Nations General Assembly’s Sustainable Development Goals Summit in New York.
The Asian Development Bank on Wednesday said high foreign direct investment and lower unemployment had supported “strong growth” for the Georgian economy, and raised its growth forecast for 2023 from the earlier 4.5 to six percent. “The growth will moderate slightly to five percent in 2024, in light of an expected return to growth potential and possible fallout from slowing global expansion”, the ADB said.