LinkAccording to the government program implementation report, positive trends in the direction of economic growth continued in 2023, and according to preliminary estimates, the average rate of economic growth in the first quarter of 2023 was 7.2%.
In addition, as stated in the document, an increase in employment and a decrease in the unemployment rates were observed in 2022, while in the period of January-April 2023, the trend of export growth continued.
“Like 2021, 2022 was full of significant economic challenges that, in turn, affected economic policy. The challenges required an adequate response. Despite the geopolitical shocks and challenges caused by the Russia-Ukraine war, Georgia managed not only to maintain economic stability, but also recorded double-digit economic growth in 2022 and amounted to 10.1%.
Positive trends in the direction of economic growth continued in 2023 and, according to preliminary estimates, the average rate of economic growth in the first quarter of 2023 was 7.2%. The increase in economic activity had a positive effect on the labor market indicators, in particular, in 2022, there was an increase in employment and a decrease in the unemployment rates. In 2022, poverty reached an all-time low. In 2022, exports increased by 31.8 percent and reached a record high rate – 5.6 billion USD. In the period of January-April 2023, the trend of export growth continued. Compared to the corresponding period of the previous year, exports increased by 23.6% and equaled 1,962.2 million US dollars.
In 2022, there was a significant increase in direct foreign investment – the volume of direct foreign investment, compared to the previous year, increased by 61.1% and amounted to a record 2 billion USD. And in April 2023, the annual inflation level was 2.7 percent, it decreased more than expected and even was lower than the target index set by the National Bank – 3%,” reads the report.
Between June 2022 and May 2023, significant steps were taken to improve the government’s debt management policy and ensure transparency.
For information, the Prime Minister’s annual report on the implementation of the government program has already been submitted to the Parliament. The report covers the period from June 2022 to May 2023. The Prime Minister of Georgia will personally present the report to the Parliament on June 30.
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