“Georgia’s March economic growth figures confirm that, despite a worsening global outlook, economic growth in our country is gaining momentum,” stated Deputy Minister of Economy and Sustainable Development Vakhtang Tsintsadze in his assessment of the growth figures published today.

According to the Deputy Minister, economic growth in March stood at 10.7 per cent, whilst average growth for the first quarter was recorded at 9.1 per cent.

In discussing the growth trends for March and the first quarter, Tsintsadze emphasised that economic expansion is broadly diversified across sectors, with significant positive contributions from manufacturing, information and communications, construction, transport and storage, and a range of other service industries.

He also highlighted the positive trends in foreign trade recorded in the first quarter of this year, which he described as an important supporting factor for economic growth.

“In the January-to-March period, we saw export growth of approximately 23 per cent, whilst domestic exports, covering goods produced within the country, grew by more than 75 per cent. The first quarter also saw record figures in terms of tourism revenues, which reached USD 829.8 million,” Tsintsadze noted.

According to the Deputy Minister, these figures are fostering increased business activity within the country, which is subsequently reflected in broader economic growth indicators.

Tsintsadze expressed confidence that the economy would maintain its resilience in the months ahead.

“We expect that these growth trends will be sustained in the coming months, and that Georgia will record higher rates of economic growth than those being forecast by international financial institutions and other organisations,” he said.