Economy
Posted: 1 year ago

Georgia's Economy Grew by 6% in March

Preliminary data show that in March 2019 Georgia’s economy grew 6% to be a very good signal for investors, as well as the IMF mission’s visit scheduled for on May 1, Ekaterina Mikabadze, Georgia’s Deputy Economy Minister, says.

The average growth in January - March 2019 was 4, 7%. In 2018, the economy grew by 4.7%.

According to the Deputy Minister, the Sakstat report showed a number of positive trends: Georgia’s foreign trade balance improved in March - exports grew by 12, 3% and amounted to $ 321 million.

The tourism revenue also increased - in March they grew by 5, 3% and amounted to $ 244.7 million.

Other factors, such as remittances, have also grown - in March transfers increased by 7% and amounted to $ 119, 8 million.

“Due to the private sector’s activation and increased competitiveness, Georgia’s vulnerability to external factors is reduced. In 2018, the current account deficit improved by 1,1% and amounted to 7,7%. Along with that,  measures to reduce dependence on external factors will soon have a positive impact on investors’ attitude towards Georgia, ” Ekaterina Mikabadze notes.

Mikabadze adds that a number of very important economic reforms and initiatives to support the private sector are planned to be carried out in  2019 to boost the competitiveness of Georgian business.