What agreements provide for the rise of Georgia – opinion of the Deputy Minister

Georgian Minister of Economy and Development Vakhtang Tsintsadze expressed his opinion on the key factors contributing to the impressive growth of the country. Georgia continues to emerge from the highest growth rates, both in the countries and in Europe, and this, according to the deputy, is due to a number of factors.

According to the latest statistics, economic growth in Georgia in October 2023 amounted to 6.2%, and the average real GDP growth rate for January-October 2023 was a significant 6.9%. These figures underline the stability and dynamism of economic development.

One of the key factors contributing to the recovery is investment activity. In the second quarter of 2023, the volume of foreign direct investment in the country increased by almost 30%, reaching $505.7 million. In the first half of 2023, the country received $ 1.1 billion, which is 10.8% more than in the variable period of 2022.

The source of economic growth was the positive dynamics of foreign trade and tourism. Foreign trade turnover in January-October 2023 increased by 16.2%, reaching 17.8 billion dollars. This growth reflects Georgia's active foreign economic activity.

The Deputy Minister is confident that the country has maintained positive trends in recent months, which, in his opinion, leads to the creation of additional jobs and an increase in household incomes. After the recession of the economy in 2020, amounting to 6.8%, Georgia has demonstrated an impressive recovery process affecting all aspects of the economy, including the growth of exports and imports, increased costs and turnover of enterprises.

Summing up, according to the updated data, Georgia's economic growth in 2021 amounted to 10.5%, and in 2022 the average economic growth rates of the economy amounted to 10.4%, confirming the sustainable and dynamic development of the country in the world.