Nino Javakhadze Evaluates Economic Growth of April 2017

Nino Javakhadze Evaluates Economic Growth of April 2017

Nino Javakhadze Evaluates Economic Growth of April 2017

The FINANCIAL -- “According to the preliminary data, in April 2017, significant growth was recorded in such fields as metallurgy, real estate and hotel/restaurant industry” – Deputy Minister of Economy and Sustainable Development, Nino Javakhadze stated to the media representatives. 

As the Deputy Minister noted, 4,3% growth in recorded in the first 4 month of the year while, compared to the same period of 2016, real GDP growth of 2,1% is recorded in April, 2017, according to Ministry of Economy and Sustainable Development of Georgia.

“The growth in the hotel/restaurant sector is directly linked to the increased tourism, where we have really impressive figures. Global factors also had a positive impact on the economic growth. 

Positive impact on the economic growth in April was predetermined by increased export (28%), money transfers (12% growth) and number of international visitors (10.2%), which resulted in the increased incomes from tourism (26%)” – Nino Javakhadze noted.

Deputy Minister confirmed that in April 2017, the turnover of the registered in Georgia enterprises (which are being observed during the evaluation of the economic growth), compared to the same period of the previous year, is increased by 10.3%.

"As for other factors influencing the growth, it should be noted that low activity was observed in the construction sector and as a result, the turnover of the construction companies has decreased compared to the previous year. There was also a decline in the nut production/export due to the reduced corps, which resulted in less production by the hazelnut companies. Reduced amount of the corps is caused by the numerous deceases. As a result, the value added cost has been reduced in the food production field of” – Deputy Minister stated.

According to her, economic growth in April, which is lower in comparison with the previous months of 2017, should not be evaluated as the deviation from the general tendency of growth. “Average economic growth remains high and, together with improved foreign factors, achieving the 4% growth rate set by the government is more than realistic” – Nino Javakhadze stated.