Georgia’s Deputy Economy Minister highlights “record-high” exports, “sustained” economic activity in July

Vakhtang Tsintsadze, Georgia's Deputy Economy Minister, on Tuesday said "high economic activity" was continuing in the country, especially in the export sector, which experienced a 30 percent year-on-year growth in July.

Tsintsadze added exports reached $682 million last month while the external trade turnover totalled $2.10 billion, reflecting a 13.6 percent year-on-year increase.

The Deputy Minister emphasised the “record” external trade turnover for January-July as well, surpassing 12.5 billion.

He attributed this growth to the Government’s “consistent” economic policies aimed at improving the investment climate and promoting production, as well as free trade agreements with multiple countries.

We have signed free trade agreements with a number of countries and this process continues successfully [...] All of the above, of course, once again confirms that the country continues to have a fairly high economic activity, which is reflected in the macroeconomic parameters and also in the growth of the income of each citizen”, Tsintsadze said.

The Deputy Minister mentioned the trade balance also showed “significant improvement”, mainly due to “higher” export growth compared to imports. The trade deficit amounted to $737.8 million in July, showing an increase by $59.9 million from the same month of 2023.

Tsintsadze also highlighted the impact of the economic growth on the creation of new jobs in the country, reflecting the overall improvement in the economic situation.