2018-04-04
I would like to comment on the positive dynamics we have in terms of economic growth.
As a result of the Government's correct and consistent economic policy, in 2017, we had a 5% real economic growth rate, and equally high rates were recorded in January-February 2018.
In February, economic growth reached 5.5%, and in January-February we have a total growth of 4.9%. As you know, the World Bank has also upgraded Georgia's economic growth outlook in 2018.
The positive statistics across a number of directions stem from the positive dynamics, including enterprises turnover, increasing export, tourist numbers, and money transfer indicators.
We believe that, by the end of 2018, we will have very good statistics, which is very important to investors in terms of carrying out new plans, new investments. This statistic, in combination with a number of other indicators, paints a rather positive picture, of course.
In addition, I would like to inform you that the positive dynamics in February 2018 are largely due to the improved foreign trade rates. In particular, in February 2018, export of goods grew 25% and import by 8.7%. In addition, the growing service export has also had a positive impact on economic growth, and revenues from tourism have also grown.
As for the factors contributing to growth, the money transfer rates have increased 20.6%. Equally importantly, the 2017 current account deficit has dropped to one of the all-time lowest, from almost 13% to 8.7%, a decrease by 531 million USD. It is very important for the stability of currency exchange rates, and I believe it is also one important positive indicator, overall.
As you know, in March 2018, Fitch, one of the three largest global rating agencies, advanced Georgia's ranking from stable to positive. As you know, this ranking is reflected in two directions. One is a regular statistical indicator, and the other indicates prospects, outlooks. Georgia's outlook, according to Fitch, used to be stable, later advancing from stable to positive, which is also very important to investors.
At the same time, the positive assessments of Georgia's economic development and ongoing reforms by international financial institutions and sovereign rating companies further increases investors' trust, which is very important in terms of attracting new investments. Ultimately, prospects of such a stable development in the country, along with the economic growth indicators, which we believe will be high, will invariably lead us to gradually reducing poverty, which is very important in making sure that every household experiences firsthand, including their incomes, these dynamics.
Prime Minister's Press Office