Economy Of Our Country Will Be GEL 80 BLN In 2023 - PM

Economy of our country in 2020 was around 50 BLN GEL, while it will be 80 BLN GEL in 2023, i.e. we have achieved a growth of 30 billion in 3 years, - Georgian Prime Minister Irakli Garibashvili on Tuesday stressed in his presentation of the annual report.

The Prime Minister stated that is quite significant progress. However, this pace should not stop and more needs to be done with greater responsibility.

"External Debt – for your information – was increased to 60% of GDP in 2020, while we succeeded in reducing it to 39% in 2022 and it will further decline next year and reach 38%. External Debt volume has been reduced by over 22% within 2 years. During the pandemic – you may recall – the budget deficit was very high at 9.3%. When I was appointed as the Prime Minister of Georgia last year, it was reduced to 6.1% and later – this year – to under 3%. Next year it will be 2.8%, which is also a considerable progress.

Now, as for the export indicators: you may be aware that in the past 2 years we substantially increased exports from the country. Jan-Nov (11 months of 2022) data evidence that it has been increased by 32%, amounting to over 5 BLN USD. Domestic exports increased by 21%, amounting to 3.4 BLN USD. Trade volumes in Jan-Nov (11 months of 2022) reached 17 BLN USD, which – compared to the previous year – evidenced a 32% increase. I wish to hereby note that trade volume in the first 10 months of the year exceeds the annual indicator of the previous one", - PM said.