The Georgian Finance Minister Lasha Khutsishvili explained that the economic growth rate within 5 months is higher than that indicator the government of Georgia had when drawing up the budget at the end of 2021 and in early 2022.
The government will review the forecasted economic growth indicator for September, and before that, it will observe the trends in various sectors of the economy.
"In May, the economic growth was 11.6%, and for 5 months - 11.2%, which is significantly higher even compared to the positive expectations that we had announced.
According to the budget submitted to the Parliament of Georgia, we are expecting a 6% annual economic growth in the conditions, when there was not yet the geopolitical situation that was created in our region as a result of Russia's invasion of Ukraine. This changed our plans somewhat. Based on the data of the first 5 months, the pace of economic recovery is faster than we had expected.
Accordingly, we can revise our forecasts in this direction later, when we have a project of the amendments to be made to the budget. It will probably happen in September. Before that, we are observing the pace of the economic development sectorally, we are getting acquainted with the analyzes published by various financial institutions," - Khutsishvili announced after the end of the government meeting.
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