Economy Minister Levan Davitashvili: Georgia Holds a Leading Position in Regional Economic Growth
By Liza Mchedlidze
Tuesday, December 5, 2023
The Vice Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili, addressed current economic trends in the country during a briefing held at the government administration. According to his information, the preliminary estimates for economic growth in October stand at 6.2%, while the average economic growth for the first 10 months of the year is 6.9%.
Davitashvili stated that considering the activities and growth of other countries' economies, Georgia maintains an advanced position in the region. He attributes the economic growth mainly to high investment activity, as well as economic engagement in the fields of foreign trade and tourism.
"I think this data is the result of a prudent macroeconomic policy. It is important to note that we also have the results of the third quarter for the business sector, whose turnover increased by 12.6%, and, according to the data of the first three quarters, amounted to 143.8 billion GEL. Also, the output of the business sector increased by 9.3%, amounting to 54 billion GEL," the Vice Prime Minister noted.
According to Davitashvili, the number of jobs in the business sector increased by 4.8% in the third quarter of 2023. As he points out, these are the highest-paying jobs. Consequently, the number of jobs in the business sector increased by 34.6 thousand, reaching a record figure of 757.9 thousand, according to the Minister of Economy.
The Economy Minister stated that the monthly salary increased by 17.1%, amounting to 293 GEL. Consequently, the average income of employees in the primary business sector exceeded 2000 GEL. The inflation level in November was 0.1%, representing a 0.2 percentage point decrease compared to the previous month."
"Since April, inflation has fallen below the target rate, and Georgia has one of the lowest inflation rates in the wider region. It is particularly noteworthy that all these dry numbers have translated into real-life impact; a decrease in food prices was recorded compared to the previous month, as well as in annual terms. Accordingly, this trend persists for both food and medicine throughout the year. I believe the most crucial aspect is for society to feel the concrete results of economic progress and normal, successful economic policies. We observe that inflation maintains a level below the target; therefore, there are many opportunities to make bolder macroeconomic decisions and further promote economic growth," said Davitashvili.
