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Although the Georgian government adjusted the economic growth forecast for 2022, the GDP growth forecast for 2023 remained unchanged. In the third version of the 2023 state budget draft bill, which the government presented to the Parliament of Georgia on October 30, the economic growth forecast for 2023 is still at the level of 5%.
According to the updated forecasts for 2022, the real economic growth rate was set at 10% instead of 8.5%. In addition, taking the actual figures into account, the GDP deflator has decreased from 10.5% to 9.5%.
"Taking into account the change of the above-mentioned parameters, as well as the specification of the nominal gross domestic product of 2021 by the National Statistics Office of Georgia, the forecast volume of the nominal indicator of the current year's gross domestic product was determined in the amount of GEL 72.3 billion.
For 2023, the forecasts of economic growth and GDP deflator indicators have not changed, and each of them is 5%, and the nominal gross domestic product is GEL 79.7 billion. It turns out that in the current year, stemming from the actual mobilization of tax revenues, it is possible to increase the mentioned forecast indicator by more than GEL 500.0 million, which allows to increase the predicted tax revenues for the next year by more than GEL 390.0 million.
In addition to tax revenues, in 2023 the indicators of repayment of loans and other revenues will increase by GEL 270.0 million.
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One US dollar trades at GEL 2.7160
11/07/2025