Tbilisi, 10 August 2022 (TDI): According to the Eastern Partnership Trade Helpdesk statistics Georgia’s export rate to European Union has scaled. Notwithstanding the upswing, the Potential Export Value has over €300 million.
Quarter 2 of 2022 saw productivity expansion in Georgia for 10.5% y/y and 7.2% in Q2, pertaining to the most recent statistics from the National Statistics Office of Georgia.
#Georgia has been growing its exports to EU, but still has over €300 million additional potential.
Identify opportunities now➡️ https://t.co/NFSy3oFMHE pic.twitter.com/g9NZeEycpM
— International Trade Centre (ITC) (@ITCnews) August 10, 2022
According to Mikheil Dundua, Deputy Minister of Finance, Georgia managed to increase its economy by double digits despite the global financial crisis.
The World Bank upgraded its GDP growth prediction for Georgia in 2022 from 2.5% to 5.5% in its June edition of “Global Economic Prospects.”
The dominance of the services (export) industry, notably in touristry, has helped Georgia’s GDP withstand the economic meltdown brought on by Russia’s invasion of Ukraine up to this point, with a significant rebound during the current fiscal year since May.
In the Eastern Partnership region, Georgia records about 62% trade potential that by 2026, configures an unrealized potential of $108.4 Mn.
The EaP has $9.35 bn trade potential in the European Union region among which Georgia accounts for 32% in total. As per the figures, by 2026, Georgia is envisaged for an unrealized potential of about $304.6 Mn.
Relative Industrial Reports
According to Galt & Taggart’s Tourism Market Watch Report, G & T’s, Georgia’s total foreign tourism profits increased by 281% annualized to $1.1 Bn in the early half of FY22.
These account for 78.5% of the receipts observed at the same time in the pre-pandemic 2019 period.
According to Geostat, Georgia’s exports found $439 million worth of products in June, a rise of 25% year over year when contrasted to the corresponding period in 2021.
In June, imports totaled $1.05 billion, a 21% y/y increase. As a result, the month’s sales imbalance increased by 19% year over year to $609 million.
#DigitalTransformation of rural life is not a distant future. It’s a reality.
Georgia’s e-AgroMap connects rural businesses w/ new market opportunities. It already has information on 50 locations, 500 companies & 24 activity sectors.@EUinGeorgia #ENPARDhttps://t.co/usc7uemXhI— UNDP in Georgia 🇬🇪 (@UNDPGeorgia) August 10, 2022
In addition, Georgia’s e-Agro Map integrates micro-enterprises in agricultural areas with fresh market prospects. It now has intelligence on 50 locations, 500 businesses, and 24 business sectors building a strong and stable economy.
