Georgian Finance Minister highlights “very high” economic growth over past four years

Georgian Finance Minister Lasha Khutsishvili on Sunday highlighted the “very high” economic growth in Georgia over the past four years in comments to Imedi TV, telling the channel Georgia had experienced “double-digit” growth between 2021-2022, a “very high” figure of 7.5 percent in 2023 and 9.5 percent in February 2024.

In the first two months of the current year, the economy grew by 7.7 percent, he added, noting the volume of gross domestic product per capita, denominated in dollars, was “the most important and objective indicator” of growth.

In 2012, Georgia’s per capita indicator was approximately $9,800. By 2023, it had increased to $22,300. This growth represents significant progress in comparison to other countries, both in and outside our region”, he said.

• Georgian economy grew 9.5% y/y in February - Statistics Office

Khutsishvili added Georgia had ranked 110th in the world with the indicator in 2012, before advancing 31 places and ranking 79th in 2023.

This suggests that our country’s economy has grown faster than those of other countries”, the Minister told the channel.

According to data published by the National Statistics Office of Georgia last week, February’s growth was mainly driven by estimated real growth in manufacturing, construction, professional scientific and technical activities, information and communication and transportation and storage.

On the other hand, declines were registered in energy, mining and quarrying activities.