At the Economic Council meeting today, which was presided over by Georgian Premier Irakli Garibashvili, the main topics were the country’s double-digit economic growth, increasing export and accelerating tourism revival dynamics.
The meeting focused on the country’s economy, highlighting the double-digit economic growth. In May 2022, the country’s economy grew by 11.6%, with an average growth of 11.2% from January to May.
The meeting also discussed other factors that contribute to economic growth, such as positive trends in local trade and the continuous revival of tourism. The meeting noted that in May 2022 exports grew by 54.3% and local exports by 63.3%. In terms of tourism revenues, they increased by 75.3% between January and May to 840.9 millions USD.
In discussing tourism revival, it was noted that 445.894 international visitors visited Georgia in June of 2022. Their numbers were up 185.5% from the previous year. In the first six-months of 2022, 1,209,272 international tourists visited Georgia, a 186.3% rise compared to the previous year.
The meeting at Government Administration also discussed positive trends in budget fulfilment in the first half 2022. Overall revenues and tax revenue over-performed similar to state budget revenues that totaled 9.1 billion GEL. The combined budget deficit was only 0.3%. This shows that fiscal consolidation is in full swing.
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