MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

"We can now summarize the parameters of economic growth for 2024 - last year, economic growth amounted to 9,5%. This growth, which has been recorded in the Georgian economy in the last four years, is unprecedentedly high - in total, on average, over four years, the country's economy grew by 9,7%," - the Deputy Minister of Economy and Sustainable Development, Vakhtang Tsintsadze, stated while assessing the economic growth indicators of the past year.

According to the Geostat (National Statistics Office of Georgia), in December 2024, economic growth amounted to 6,7%, while the economic growth rate for 2024 equaled 9,5%. At the same time, in December, the turnover of VAT-paying enterprises increased by 10,1% compared to the same month of the previous year, and the number of newly registered enterprises equaled 6045 units, which is 16,7% higher than the December figure of the previous year.

When summarizing the economic indicators of the past year, Vakhtang Tsintsadze emphasized the sectors that made a significant contribution to economic growth. Those sectors include construction, trade, information and communication, transport and warehousing, and various service sectors. At the same time, as the Deputy Minister notes, the positive trends recorded in 2024 in terms of both tourism and export of goods contributed to economic growth. In particular, in December 2024, exports was increased by 6,8% and amounted to 549,4 million USD. Revenue from tourism in the fourth quarter of 2024 increased by 10,3% and amounted to 963,7 million USD.

Vakhtang Tsintsadze emphasizes that, in total, a record amount of revenue from exports of goods and tourism was recorded in 2024. In 2024, exports was increased by 7,8% and amounted to 6,6 billion USD, while revenue from tourism increased by 7,3% and amounted to 4,4 billion USD.

"We expect these trends to continue in the coming years, which will ensure that Georgia will be a leader in terms of economic growth among the countries of the region and Europe. The Georgian government is actively working in this direction, we are implementing a number of important infrastructure projects that support economic growth. The implementation of structural economic reforms, which contribute to increasing the productivity of the economy and, in general, the competitiveness of the economy, is also continuing," – said the Deputy Minister of Economy and Sustainable Development.

It is noteworthy that, according to the International Monetary Fund's October forecasts, in 2025-2029, Georgia will have the highest average economic growth among neighboring countries, countries of the region, EU candidate countries, and European countries in general, at 5,2%.