Economic Boom: Impressive growth of Georgia's economy in the first half of 2023

The Sputnik Georgia infographic presents fresh data on the country's key economic indicators for the period January-June 2023, and the results are impressive.

According to the report of the National Statistics Service of Georgia "Sakstat", the country's foreign trade turnover for the first half of 2023 increased by as much as 20.1% compared to the same period of the previous year, reaching $ 10.3 billion (excluding unorganized trade).

In addition, the data also show an increase in imports by 20.4%, amounting to $ 7.2 billion, and an increase in exports by 19.3%, reaching $ 3.1 billion in January-June 2023.

An important economic indicator is the volume of money transfers to Georgian commercial banks using electronic systems, and there is also an impressive growth. In the first six months of 2023, this figure increased by 47.9% compared to the same period of the previous year, reaching $2,367.1 million, according to the National Bank of Georgia.

It is important to note that Russia occupies a leading position in terms of money transfers to Georgia for the first half of 2023.

In addition, Georgia is pleased with a favorable economic indicator in the form of inflation, which was only 0.6% compared to June 2022 with a target level of 3%. This is a significant event, given that the last time the annual inflation rate was below 1% in October 2016, amounting to 0.2%.

Tourism also actively contributes to the Georgian economy, and impressive data show an increase in the number of visits by international travelers by as much as 75.9% in the first half of 2023 compared to the previous year, which amounts to 2.8 million visits.

Today, Georgia's economy continues to develop successfully, attracting the attention of both local entrepreneurs and foreign investors, and it is quite possible that the country will continue to demonstrate strong economic indicators in the future.