The Prime Minister of Georgia presented the revised version of the 2024 state budget at the Government meeting, planned with a GEL 700 million increase and the total amount of GEL 28.5 billion.

“The proper budget for 2024 would adequately respond to challenges. In 2012 it was GEL 9 billion. We have an increase of almost GEL 20 billion in 11 years. This is an impressive result of our team’s work.

The budget was planned conservatively, with a 5.2% economic growth. The deficit would be reduced to 2.5% next year, and the Government debt would be at 38.2% of the gross domestic product. The figure is a very low rate.

Just 3 years ago, the debt equaled more than 60%, and we have managed to [reduce] it in a short period of time.

GDP would be over GEL 85 billion in 2024. The number had tripled within the past 12 years from GEL 27 billion in 2012.

The 2024 GDP per capita would be USD 8,500 while 3 years ago it was USD 4,250. The Government forecast for the 2027 GDP to reach GEL 108 billion, the number would mean a figure of almost USD 11,000 per capita.

Along with the significant increases, additional needs were identified during the budget discussion. The Government would be able to receive an additional GEL 300 million from the domestic banking and financial sector. We take into account their profits, and I want to say we will continue to see what additional resources can be found”, - explained Irakli Garibashvili.

He was presenting the second version of the 2024 budget, set to be sent to the Parliament for final discussions and approval.