Giorgi Kakauridze, the First Deputy Minister of Finance of Georgia, on Monday presented updated macroeconomic parameters during a meeting of the Budget and Finance Committee of the Parliament, indicating a projected real economic growth rate of nine percent for 2024.
He also said the anticipated rate of inflation had been adjusted downward to one percent.
Kakauridze noted the nominal gross domestic product was projected to reach GEL 90.89 billion, while tax revenues from the consolidated budget were expected to total GEL 23.26 billion.
The Committee identified an increase in planned revenues for the consolidated budget, which are expected to rise by GEL 1.21 billion and amount to GEL 25.61 billion. Similarly, the total receipts for the state budget are set to increase by GEL 1.12 billion, bringing the total to GEL 25.69 billion for 2024.
The allocations for the state budget will reach GEL 25.93 billion, reflecting an increase of GEL 900 million over the previously approved plan.
After discussions, the Committee supported the proposed bill on amendments to the law on the 2024 state budget of Georgia.
The Georgian economy grew 11 percent year-on-year in October, while the average real gross domestic product growth for the January-October period equalled 10 percent, the National Statistics Office said in late November.
