Irma Kavtaradze: “The speed of economic growth is higher than it was predicted”

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The FINANCIAL — Deputy Minister of Economy and Sustainable Development of Georgia Irma Kavtaradze introduced the preliminary economy growth evaluation to the representatives of the media at the briefing held on September 30, 2015.

According to the Deputy Minister, despite difficult economic situation in the region, the speed of Georgia’s economic growth is much higher than it was expected. “In August of 2015, actual GDP growth is by 2.3% higher compared to the same period of last year while the average real GDP growth for the first eight months (January-August) of 2015 amounted to 2.8%. This is a very good figure in light of the on-going processes in the neighboring countries of Georgia since in many countries we can witness an economic slowdown and even recession in some of them,“- Irma Kavtaradze stated.

According to Deputy Minister, in August 2015, the VAT payers’ turnover is by 8.6% higher than the same indicator for the previous year and amounts to 4,542.2 million GEL while compared to the same period, in the second quarter the growth is recorded in the following sectors: construction – 14.5%; mining – 12.7%; financial activities – 10.6%; hotels and restaurants – 7.3% as well as real estate, communications, education, etc. It is worth mentioning that compares to the same period of last year, the business sector’s turnover in the second quarter of 2015 is increased by 16% (1 800 000 GEL) and amounts to more than  12 800 000 GEL.

“As for the turnover of the enterprises arranged by size the turnover of large enterprises has increased by 10, 7% which amounts to more than 1 billion GEL. The turnover of medium size enterprises has increased by 68.6% and it is nearly half a billion GEL. The turnover of small enterprises has increased by 28% and amounts to 1 319 000 GEL,”- Irma Kavtaradze said. Deputy Minister also emphasized that the rate of the business sector turnover has almost doubled in many sectors. “One of such sectors, for example, are the mining industry, where the increase is 92%. At the same time, a double-digit growth is recorded in almost every field, including for example, agriculture (36%), hotels and restaurants (31%), real estate (28%) and etc.”- Irma Kavtaradze stated.

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