PM chairs Economic Council meeting
PM chairs Economic Council meeting

Georgian Prime Minister, Irakli Garibashvili, chaired a meeting of the Economic Council at the government administration. The meeting participants reviewed the current economic projects and future plans.

Positive indicators of economic growth were discussed. As the participants of the session noted, despite the existing challenges, the economy of Georgia maintains stability and in April 2023, economic growth of 7.5% was recorded, and in January-April of this year, the average rate of economic growth equaled 7.3%. In the month of April, the volume of exports increased by 20.4%, and in the first quarter of 2023, the increase in income from tourism exceeded 100%.

At the meeting, it was noted that poverty and unemployment are at historic lows.

The conversation touched on the positive trends of decreasing inflation. It was noted that against the background of challenges in the region and the world, the annual inflation rate in May 2023 was 1.5 percent, a decrease of 1.2 percentage points compared to the previous month, which indicates a significant reduction in inflationary pressure. It was noted that after May 2022, inflation in Georgia has a tendency to decrease and the level of inflation has fallen below the target rate set by the National Bank – 3%.

The positive rate of growth of direct foreign investments in Georgia in the first quarter of 2023 was 496.6 million. USA. Foreign direct investment of dollars was made, which is a 56.0% increase in foreign direct investment compared to the figure of the first quarter of 2019 before the pandemic.

It was also noted that in the first quarter of 2023, positive trends continued in the business sector, both in terms of turnover and output, as well as employment.