Economy Minister expects "positive trends" of growth to be maintained in 2023
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. Photo: Ministry of Economy
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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.
The Ministry cited Davitashvili as pointing to the 11 percent growth in December and 10.1 percent increase over the past year, and adding the estimated real growth had been observed in "several sectors" of the domestic economy.
Among them, the recovery of the tourism sector was important [...] Exports were also quite important, the data of which was recorded at $5.6 billion - a historically record figure", the Minister said.
The "quite high" turnover of VAT-paying enterprises in December was also noted by the official, who pointed out the figure had increased by 18.1 percent.
In addition, tourist activity increased in December - revenues from the tourism sector amounted to $555 million. An increase was also observed in remittances, which reached $535 million", Davitashvili said.
The Minister also noted the recently revised financial outlook for Georgia's financial developments from “stable” to “positive” by the global financial ratings firm Fitch Ratings, and said "all this points to the stability of Georgia's economy, despite external shocks".
Fitch kept Georgia's sovereign rating at the 'BB' level, but with a positive outlook. This suggests that if we maintain positive trends in 2023, our sovereign rating will improve at the next assessment", Davitashvili said.
Georgian Finance Minister Lasha Khutsishvili also commented on the economic growth data of December and said the double-digit growth recorded over the past two years had also been reflected in the employment rate.
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 Finance Minister Lasha Khutsishvili on Monday said the country’s economy had grown by 10 percent in the first 11 months of 2022, with the rate expected to be maintained in the final figures of the year.
The Georgian economy grew by 11 percent in December and 10.1 percent over the past year, the latest data from the National Statistics Office of Georgia has shown.
Fitch Ratings, a global financial ratings firm, in its update on Friday, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at a BB level, revising the financial outlook for the country’s financial developments from “stable” to “positive”.
Plans for approving debt and public finance management strategy, changes for state enterprises and schools were among topics for this year, discussed by the Georgian Prime Minister Irakli Garibashvili and Finance Minister Lasha Khutsishvili on Tuesday.
Georgian Economy Minister Levan Davitashvili on Wednesday discussed ties in fields ranging from trade to energy with Edīte Medne, the Latvian Ambassador to Georgia.
Georgian Finance Minister Lasha Khutsishvili on Friday said the country’s investment policy was based on the goal of creating a “healthy environment” for investment and business.
Georgian Prime Minister Irakli Garibashvili and members of the Government's Economic Council met on Saturday to discuss the double-digit economic growth rate achieved over the past two years in Georgia - 10.5 percent in 2021 and 10.1 percent in 2022, as as result of the Government’s “proper policy”, the Government Administration said.
Georgian Prime Minister Irakli Garibashvili on Monday told a Government meeting his team had "done everything” to ensure “peace, stability and high economic growth” in the country, while pointing to 2022 economic growth numbers and “historically low” levels of poverty and unemployment in the country.
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.
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.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday said the latest review of Standard & Poor's, an American credit rating agency, “confirmed” the Georgian banking system was “developing sustainably” and confidence in the sector was “high”.