The Agrarian Issues Committee has reviewed the "Annual Report on the Execution of the State Budget of Georgia for 2023" and the information on the "Main Macroeconomic Forecasts and Key Directions of Georgian Ministries," presented by the government.

According to the presenter, First Deputy Minister of Finance Giorgi Kakauridze, in 2023, the real growth of the Gross Domestic Product (GDP) was 7.5 percent. The nominal GDP was determined to be 80,246.1 million GEL, which is 10.1 percent higher than the previous year's figure. GDP per capita amounted to 8,210.1 USD.

He noted that by the end of 2023, the annual inflation rate was 0.4 percent, with an average inflation rate of 2.5 percent, which was lower than the target inflation rate.

Giorgi Kakauridze emphasized that the external sector significantly contributed to the economic growth observed last year.

"In 2023, the external trade turnover of goods in Georgia amounted to 21,604.6 million USD, which is 12.9 percent higher than the previous year's corresponding figure. Of this, exports amounted to 6,090.6 million USD, an increase of 9.1 percent, while imports were 15,514.0 million USD, an increase of 14.5 percent”, - the First Deputy Minister of Finance stated.

According to the report, in 2023, Georgia received 7.072 million visitors, a 30.3 percent increase over the previous year. Revenues from tourism amounted to 4,125.3 million USD, which is 17.3 percent higher than in 2022.

Giorgi Kakauridze also stated that in 2023, direct foreign investments in Georgia totaled 1,594.7 million USD.

The document indicates that in 2023, the consolidated budget revenues amounted to 22,124,175.5 thousand GEL, which is 102.2% of the forecasted figure. Tax revenues were 19,732,619.8 thousand GEL, or 101.7% of the forecast.

Speaking about expenditures, the presenter noted that the utilization rate for the Ministry of Environmental Protection and Agriculture was 725.5 million GEL, which is 103.8 percent.

Giorgi Kakauridze also presented the committee members with information on the "Main Macroeconomic Forecasts and Key Directions of Georgian Ministries."

"We planned the 2024 budget with an economic growth estimate of 5.2 percent, but within the first four months, we have seen significantly higher growth rates, including 11.8 percent in April. As a result, overall economic growth exceeds 8 percent, allowing us to reconsider the planned figures. We have updated this year's forecast, and instead of 5.2 percent, we now expect economic growth to reach up to 6 percent. In subsequent years, the average rate is expected to be around 5.2 percent. Regarding other parameters, it is important that the inflation rate remains within the target inflation range. We do not anticipate any significant changes in this regard, with an expected rate of 2.5 percent this year and around 3 percent in the coming years. Concerning nominal GDP, we expect to reach 87.7 billion GEL this year, 95 billion GEL next year, and approximately 120 billion GEL by 2028”, - the First Deputy Minister of Finance noted.

Giorgi Kakauridze noted that while there are no significant changes in the directions of the ministries at this stage, work on a new program is ongoing, and certain adjustments may be necessary in this regard.