About Civil.ge
Eng | Geo | Rus
Last updated: 10:55 - 1 May.'18
Govt May Halve Economic Growth Forecast
Civil Georgia, Tbilisi / 22 Feb.'15 / 22:28

Georgian economy is expected to grow 2-2.5% in 2015 instead of initially forecasted 5%, Economy Minister Giorgi Kvirikashvili said on Sunday.

“I think real economic growth should be expected within about 2-2.5% in 2015,” Kvirikashvili, who is also deputy prime minister, told Rustavi 2 TV.

PM Irakli Garibashvili said on Saturday that the government intends to revise downward existing 5% economic growth forecast amid depreciation of national currency lari and “very difficult situation” in the region. He also said that government is also considering cutting administrative spending.

Economy Minister Kvirikashvili declined at this stage to discuss specifics of planned administrative spending cut; he said that the issue is being discussed within the government. In separate remarks also on Sunday, Kvirikashvili told Imedi TV that a detailed plan will be presented this week.

Georgia’s economy grew 4.7% last year, short of government’s 5% forecast, according to preliminary data. Preliminary figures for January, 2015 growth will be released on February 27.

The Georgian currency lari (GEL) further fell to 2.1771 on Friday per U.S. dollar from 2.1472 a day earlier.

Since early November, when GEL started depreciation, the Georgian currency lost 24.1% of its value against U.S. dollar and 11.9 % against euro.

Annual inflation stood at 1.4% in January, below central bank’s target of 5%.

Georgian exports continued downward trend in January, declining 30% year-on-year. The government has attributed decline mainly to decreasing exports to Russia and Ukraine.

Remittances also continued declining in January to USD 75.5 million, down by 23.3% compared to the same period of last year, caused by falling transfers from Russia.

Latest News
01 May.'18 10:55
We Have Moved to a New Platform
Direct Your Bookmarks to https://civil.ge.
29 Apr.'18 03:54
Ruling Party Candidate Wins MP By-Elections
Givi Chichinadze will represent Vani and Khoni single-mandate constituency in the Parliament of Georgia.
28 Apr.'18 09:40
Polls Open for Vani and Khoni MP By-Elections
48,123 voters are eligible to cast their ballots in Vani and Khoni single-mandate constituency.
27 Apr.'18 17:23
State Dept’s Europe Affairs Point Man to Visit Tbilisi
Wess Mitchell will meet senior government officials and address the NATO-Georgia Public Diplomacy Forum.
27 Apr.'18 13:45
In Quotes: Georgian Politicians on Ex-PM Bidzina Ivanishvili’s Comeback
Bidzina Ivanishvili will be approved as the Georgian Dream party chairman at the upcoming convention.
26 Apr.'18 18:15
SG Jens Stoltenberg: Georgia NATO’s ‘Very Close’ Partner
The NATO Secretary General says Foreign Ministers meeting tomorrow will recognize the country’s progress.
26 Apr.'18 14:24
Ex-PM Ivanishvili to Chair Georgian Dream Party
Prime Minister Giorgi Kvirikashvili said Ivanishvili was ‘best equipped’ to add new dynamism to the party.
26 Apr.'18 11:12
Lawmaker Proposes Criminal Liability for ‘Insult of Religious Feelings’
The parliamentary human rights committee decided to set up a working group for scrutinizing the draft law.
25 Apr.'18 17:21
New Abkhaz Government Head Appointed
Gennady Gagulia has served as the Abkhaz “prime minister” twice - in 1995-1997, and 2002-2003.
25 Apr.'18 14:43
Watchdog Improves Georgia’s Press Freedom Ranking
None of the countries of the former Soviet Union (except the Baltics) are ranked ahead of Georgia.

About Civil Georgia
Civil.Ge © 2001-2022, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.