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Irakli Gharibashvili Talks Inflation and Economic Growth in Georgia at Gov't Meeting

By Liza Mchedlidze
Tuesday, April 4, 2023
Prime Minister of Georgia Irakli Gharibashvili spoke about Georgia's economy at a government meeting, stating that in January-February, Georgia had a 'high' rate of economic growth averaging 7.1 percent.

As the head of the government noted, high activity in various directions, including construction, financial sector, trade, transport and tourism, contributed significantly to the high economic growth.

"In January, we had more than 8% and in February we had 5.8% economic growth, or overall weighted, the average figure came out to 7.1%, which of course is very welcome and especially considering what is happening in the world, wars and many challenges. I would also like to tell you what led to a significant positive contribution, what contributed to this high growth - construction, financial sector, trade, transport, tourism, high activity is recorded in all directions," said the Prime Minister.

The Prime Minister of Georgia also spoke about inflation and said that last year Georgia had the highest inflation - 13% which by the end of the year was reduced to 9% and now, in March, it is 5.3%, which according to Irakli Gharibashvili is a great progress.

"The second important information that I want to introduce to the public is the reduction of inflation. As you know, inflation was and remains a challenge, today there is high inflation all over the world, in America, Europe, Eurozone, for example, double-digit inflation was recorded last year. It was 20-25, even up to 30% in EU member states, and inflation was 37% in Moldova.

At that time, our small country, despite so many challenges, managed to have the highest inflation last year, at 13%. At the end of the year, we reduced inflation to 9%, and now, in March, inflation is 5.3%, which is certainly a great progress. Inflation has decreased by almost 2.8 percentage points compared to the previous month," Gharibashvili said.