The average rate of economic growth in the first quarter of 2023 (7.2%), an all-time low poverty rate and a record high exports increase rate were reported by the Government

The government program implementation report shows that positive trends in the direction of economic growth continued in 2023, and, as it was preliminarily estimated, the average rate of economic growth in the first quarter of 2023 was 7.2%.
The document additionally reports an increase in employment and a decrease in the unemployment rates in 2022 and the continuation of export growth trend in the period of January-April 2023.
According to the report, in spite of all significant economic challenges, affecting economic policy and requiring an adequate response, economic stability of Georgia was maintained, and a double-digit economic growth was recorded in 2022 (10.1%).
The average rate of economic growth in the first quarter of 2023 was preliminarily estimated to reach 7.2%. A positive effect on the labor market indicators was produced by the increase in economic activity. Particularly, in 2022, employment rate increased and unemployment rate decreased. An all-time low was reached by poverty rate in 2022. In 2022, exports showed an increase by 31.8 percent and reached a record high rate – 5.6 billion USD and continued the trend in the period of January-April 2023. Exports increase reached 23.6%, compared to the corresponding period of the previous year, and equaled 1,962.2 million US dollars.
Direct foreign investment – the volume of direct foreign investment, increased significantly in 2022 (by 61.1%), compared to the previous year, and amounted to a record 2 billion USD. The decrease of the annual inflation level in April 2023 (2.7%) was more than they had expected and even lower than the target index set by the National Bank – 3%.
The government took significant steps to improve its debt management policy and ensure transparency between June 2022 and May 2023.
The Prime Minister has already submitted his annual report on the implementation of the government program to the Parliament. The period from June 2022 to May 2023 was covered by the report. The report will be presented to the Parliament by the Prime Minister of Georgia on June 30.

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