Economy
Posted: 2 weeks ago

Exports in January-May Grew by 36% Making Up 2 billion USD

Foreign trade has improved tremendously, and this trend also continued in May, Georgian Prime Minister Irakli Garibashvili stated at today's Cabinet meeting.

According to the Prime Minister, export has reached recording-breaking numbers compared not only to last year's May but to any other month.

"I would like to provide the public with updated information related to our country's economic state of affairs and the stability we have had in the last few months.

"Foreign trade has improved tremendously, and this trend also continued in May. Also, export has reached recording-breaking numbers compared not only to last year's May but to any other month. This is noteworthy, especially in light of the calamity in the region, the war in Ukraine. We have grown in every direction, including export, and tourism. Generally, our economic growth is in double digits, an unprecedented result not only in Europe but also globally, given the current situation. In the first quarter, our economic growth was 14.4%, and 10.8% in the first four months, which is rare. All this is complemented by the positive indicators I am about to list. With external challenges in the backdrop, export is up by 48.4% to make up 504 million USD, while January-May export grew by 36% to make up 2 billion USD.

"Another positive information I would like to convey to our society is that, despite the current situation in the region, we had a record-breaking amount of FDIs in the first quarter, which has quadrupled to make up 568 million USD, a genuine record-breaker, and that while the whole world is facing challenges unseen since World War II.

"Tourism is growing, and so is our economy. We have very modest projections, but we are very optimistic, and the whole business sector is highly motivated, meaning that businesses have a correct understanding of the stability and predictability put in place by our Government in the country, as a result of our prudent policy. Without the Government's prudence and national policy, one benefiting our citizens, and with some rash emotion-based decisions instead-while giving heed to our country's enemies, enemies at home, demanding our country's direct involvement in the war there are no illusions about the country not only not having any economic growth or investments, but about it having anything at all. In addition, our national currency has grown stronger, and this trend continues. No one can imagine all this happening in case we introduced economic sanctions. It would mean halting trade and economic relations with Russia. A million of our fellow citizens live in Russia. Does anyone remember how they work, what they do in Russia, and what awaits them? Not to mention four million of our fellow citizens living today in our country, what awaits them, what would happen to them," the Prime Minister said.