PM Praises Continued Positive Economic Performance

Georgia’s Prime Minister Giorgi Kvirikashvili has praised the positive performance of the economy this year and spoken optimistically about the positive years ahead, pointing to various economic indicators as proof for Georgian continued growth.

Speaking of the favorable investment environment at a government meeting, he highlighted the importance of the good economic situation for “investors to implement new plans and new investments.” While real economic growth reached 5% in 2017, “this year, an already high rate of economic growth was revealed during the two months of 2018 - 4.9% January-February and 5.5% in February,” he noted.

According to his remarks, the results are a product of the various improvements in the economic policy. Throughout the years, the government has followed a “correct and consistent” approach, which it aims to continue in the future.

“As for other factors contributing to growth, net cash transfers have increased by 20.6%. The current account deficit in 2017 reached one of the lowest in recent years, having been decreased to 8.7% from the previous 13%, which means a reduction by $531 million. This is very important for the stability of the exchange rate,” Kvirikashvili stated.

In February, the positive dynamics were significantly conditioned by improved foreign trade. In particular, in February, export increased by 25% and imports by 8.7%,” he continued. In line with major development projects, the focus by the government to improve the tourism industry led to an additional increase in the GDP.

The Ministry of Economy made similar remarks recently, pointing to the positive years ahead. “The average growth of the gross domestic product amounted to 5%. 2018 has started with an impressive economic growth rate. It is important to note that Georgia is to have one the highest growth rates in the region in 2018-2022, if such figures continue,” Georgia’s Economy Minister Dimitry Kumsishvili

By Benjamin Music