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Friday, February 3, 2023

Georgia: PM Garibashvili discusses economic growth, dynamics of tourism recovery

Georgia: Double-digit economic growth, increased exports and strengthening the dynamics of tourism recovery were the main topics at the meeting of the Economic Council, which was held under the leadership of the Prime Minister of Georgia, Irakli Garibashvili.

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Georgia: Double-digit economic growth, increased exports and strengthening the dynamics of tourism recovery were the main topics at the meeting of the Economic Council, which was held under the leadership of the Prime Minister of Georgia, Irakli Garibashvili.

At the meeting, attention was paid to the economic situation in the country. It was emphasized that the dynamics of double-digit economic growth continues, in particular, economic growth in May 2022 amounted to 11.6%, and the average economic growth in January-May was determined by 11.2%.

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Also, the factors contributing to economic growth were discussed, including the positive trends observed in the direction of local exports and the strengthening of the dynamics of tourism recovery. It was noted that in May 2022, exports increased by 54.3%, and local exports – by 63.3%. 

Talking about the dynamics of tourism recovery, it was noted that in June this year 445,894 international travellers visited Georgia, and the growth is 185.5% compared to June 2021. Also, in the six months of 2022, the number of international tourist visits will be 1,209,272, which is 186.3% more than the same period last year.

The meeting held in the administration of the government also discussed positive trends in the direction of budget implementation in the first half of 2022.

It was emphasized that the excesses were performed both as the total revenue indicator and also as the tax revenue. Just like the compound budget, the state budget revenues were exceeded, and the volume amount amounted to 9,1 billion GEL. 

It was especially noted that the compound budget deficit index was only 0.3%, which indicates that the planned fiscal consolidation is continuing, and by the end of the year, it will be possible to significantly reduce its annual index and instead itself At 4.4%, its index has decreased below 3.5%.

 

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