Finance Minister highlights 10% growth in 2022, forecasts further inflation reduction
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. Photo: Ministry of Finance
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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 Ministry on Monday quoted Khutsishvili as saying the annual gross domestic product per capita number of the past year was expected to exceed $6,600 in the final tallying of numbers.
The official also noted the start of the decline of inflation and pointed to the December figure of 9.8 percent, while adding the reduction was expected to “accelerate even more".
Khutsishvili noted budget deficit reduction as “one of the main priorities” of the Government, and said while the initial planned consolidated budget deficit for 2022 had been defined at 4.4 percent of GDP, the number had gradually decreased to 3.1 percent, which he called a “significant success for the country".
He added revenues of the 2022 budget had been “fulfilled in surplus” and amounted to ₾23.7 billion ($8.78bln), 101.1 percent of the initially planned figure.
Galt & Taggart, a Georgian-based investment banking and investment management services, has forecast a 5.2 percent average annual inflation in Georgia this year.
Georgian Finance Minister Lasha Khutsishvili on Wednesday said the gross domestic product per capita figure was projected to exceed $7,900 by 2023.
Priority directions of the 2023 state budget were discussed on Friday in a meeting of the government's economic council led by the prime minister Irakli Garibashvili.
The tendency of dropping prices and inflation should continue in the coming months with the inflation rate coming closer to the target three percent for the second quarter of 2023, Georgian finance minister Lasha Khutsishvili said on Monday.
The National Statistics Office of Georgia will launch an online portal for social and economic statistics in the country’s municipalities this year, with the agency also working to improve its data collection.
The Georgian economy is forecast to grow 5.2 percent in 2023 and 4.6 percent in 2024, the World Economic Situation and Prospects report by the United Nations said on Thursday.
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.
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.
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 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 Economy Minister Levan Davitashvili on Tuesday said domestic inflation had passed its peak and the country’s authorities had succeeded in stabilising it at 9.4 percent at the end of last year, noting he expected a further reduction of prices on basic consumer products and fuel in figures for this month.
The nominal gross domestic product of Georgia amounted to ₾71.75 billion ($27.87bln) in 2022, marking a 10.1 percent real GDP growth year-on-year, data published by the National Statistics Office of Georgia on Tuesday shows.
Georgian Finance Minister Lasha Khutsishvili on Thursday told the Parliament he was expecting maintenance of “positive dynamics” of economic growth in the country and even higher figures this year.
Georgian Finance Minister Lasha Khutsishvili on Thursday told the country’s Parliament financial authorities were working on harmonising the domestic legislation with the European Union and ensuring tax transparency through international agreements.
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.