BAKU, Azerbaijan, Jan. 10
By Maryana Akhmedova – Trend:
Georgia's government debt has been reduced to 50 percent of the GDP instead of the projected 60.1 percent, Georgian Prime Minister Irakli Garibashvili said at a government meeting on Monday, Trend reports via the press service of the Georgian Government Administration.
Georgia achieved double-digit economic growth in 2021, which has allowed the Government to significantly improve key fiscal parameters, Irakli Garibashvili said.
Meanwhile, the consolidated budget deficit was reduced to 6.1 percent of the GDP instead of the originally planned 7.6 percent, the PM noted.
The 2021 budget was planned in economically difficult conditions, due to the COVID-19 pandemic, therefore, the expectations for economic recovery in 2021 were minimal, the PM noted.
The economic growth forecast was at 4.3 percent, the GDP was projected at 53.4 billion Georgian lari ($17.3 billion), the Government debt forecast was above 60 percent of the GDP, while the consolidated budget deficit was 7.6 percent of the GDP, Garibashvili said.
Georgia saw an economic decline of 11.5 percent in January 2021, however, a positive growth rate was recorded in March and an unprecedentedly high economic growth of 44.8 percent in April, the PM noted.
"During the same period, the process of rapid improvement of foreign trade and other economic indicators resulted in the economic growth of 10.7 percent. Overall, the annual growth rate is also expected at 10.7 percent, which is 2.5 times higher than originally projected," Garibashvili said.
As a result of high economic growth, the nominal GDP was also increased and amounted to 59.6 billion Georgian lari ($19.3 billion), instead of the originally projected 53.4 billion Georgian lari ($17.3 billion).
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