BAKU, Azerbaijan, Feb. 14
By Maryana Akhmedova – Trend:
According to the data released by Fitch Ratings, Georgia’s GDP is projected to increase by 5.5 percent in 2022, and 5.3 percent in 2023, Trend reports via weekly outlook from the Galt & Taggart investment bank.
Meanwhile, Fitch Ratings has maintained Georgia's sovereign credit rating unchanged at the 'BB' level with a stable outlook, Galt & Taggart said.
“Fitch underlined that Georgia’s growth was a robust in 2021, which has been driven by domestic demand, strong inflows of net remittances, a partial tourism recovery, and fiscal stimulus. Moreover, growth in exports of goods also performed strongly due to the recovery of key trading partners and higher commodity prices,” Galt & Taggart said.
According to the report, Fitch Ratings also forecasts tourism revenues to recover to 80 percent of 2019 level in 2022, after reaching 38.1 percent of 2019 level in 2021.
Meanwhile, according to the National Bank of Georgia, Georgia’s gross international reserves in January 2022 decreased by 0.6 percent year-on-year to $4.1 billion, the report said.
“On a monthly basis, the reserves were also down by 4.5 percent ($194 million). There were no foreign exchange auctions in January 2022, and changes in reserves were attributed to the government, banking sector foreign exchange operations, and/or asset revaluation,” Galt & Taggart said.
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