The Parliament of Georgia approved yesterday with 89 votes the revised state budget for 2017, which among other changes, envisages increase of the economic growth forecast from 4% to 4.5%.

According to the revised budget, aggregate revenues were increased by GEL 30 million with the new figure set at GEL 11.4 billion, while aggregate expenditures were increased by GEL 305 million reaching GEL 11.7 billion.

The revised budget sets tax revenues at GEL 8.9 billion (up by GEL 160 million), and also increases the forecasted revenues from foreign grants by GEL 46.7 million to GEL 331.2 million.

Eight ministries will receive increased funding under the revised budget. These are:

• Ministry of Economy and Sustainable Development – GEL 476 million (up by GEL 106 million);
• Ministry of Agriculture – GEL 323 million (up by GEL 65 million);
• Ministry of Regional Development and Infrastructure – GEL 1.3 billion (up by GEL 30 million);
• Ministry of Sport and Youth Affairs – GEL 146 million (up by GEL 10 million);
• Ministry of Energy – GEL 197.3 million (up by GEL 65 million);
• Ministry of Internally Displaced Persons from the Occupied Territories, Accommodation and Refugees of Georgia – GEL 99.8 million (up by GEL 15 million);
• Ministry of Foreign Affairs – GEL 115 million (up by GEL 5 million);
• Ministry of Internal Affairs – GEL 599 million (up by GEL 14 million).

The 2018 state budget is currently under review. The Government projects 4.5% economic growth next year.