Georgian Deputy Economy Minister highlights “record-high” export growth in 2023, 2024

Georgian Deputy Economy Minister Irakli Nadareishvili on Wednesday said both 2023 and 2024 had seen “record-high” export growth, with the total volume reaching $6 billion last year and $5 billion within the first nine months of this year.

Nadareishvili emphasised macroeconomic stability, a “consistent” economic policy, free trade agreements and state programmes as factors contributing to the increase in exports.

Macroeconomic stability has been achieved across nearly all parameters for many years. This success is a result of the consistent economic policies implemented by the Government. Today, businesses can easily plan and anticipate medium-term developments, including regulations, taxation, and other key areas”, the Deputy Minister told Imedi TV.

There are several preconditions that have been established through these ongoing efforts and policies. Notably, Georgia benefits from free trade agreements, which provide access to aggregated markets totalling two and a half billion people, all with tariff-free trade. I would also emphasise the importance of state programmes that regularly assess the needs of businesses”, he added.

Deputy Economy Minister Vakhtang Tsintsadze also highlighted the “record” volume of exports earlier this week. He said domestic exports had “consistently increased“ since June, with an overall 4.1 percent increase between January and September contributing to a total volume of $4.8 billion.

Tsintsadze added exports had increased by 17 percent year-on-year in September alone, amounting to $615.6 million, attributing the trend to “active” participation of businesses and the private sector, while expressing optimism about the country’s economic growth.