Domestic economic growth of 8.3% in September had been driven by exports and tourism revenues. Such a statement made today the Deputy Economy Minister, Vakhtang Tsintsadze.

“Exports surged by 17% last month, surpassing a volume of USD 615 million, while tourism revenues in the third quarter hit a record high of over USD 1.560 bln. Overall, the country’s macroeconomic fundamentals are strong, with a high rate of economic growth and increasing foreign exchange inflows”, - said the Deputy Minister.

He also shared an upward trend in the turnover of VAT-paying enterprises, which saw an increase of 11.6% in September compared to the same month of 2023. Additionally, the number of new enterprise registrations rose to 6,405, reflecting a 4.6% increase from September 2023.

“Despite the external shocks and geopolitical tensions, the Georgian economy remained stable, buoyed by prudent macroeconomic policies.

The Government initiatives aimed at enhancing the competitiveness of small and medium-sized enterprises, attracting investments, and developing agriculture and infrastructure are making substantial contributions to economic activity and employment growth.

The inflation remained below target, averaging around 1% for the year, indicating structural improvements in the economy. Positive economic trends observed over the past four years would continue. International financial institutions, including the International Monetary Fund, have recently revised their economic growth forecasts for Georgia upward. We are projected to have the highest growth not only in our region but among European countries in 2024.

In the medium term, from 2025 to 2029, Georgia is expected to maintain its leadership in economic growth within the region and among European countries, achieving a rate of 5.2 percent”, - said the Deputy Minister.