Execution of revenues in both the state and the consolidated budget has exceeded 100%, - said the Minister of Finance, Lasha Khutsishvili at the government session.
As he pointed out, as a result of the twofold changes in the budget in 2021, in total, the tax revenues of the consolidated budget increased by 226 billion GEL.
According to him, according to the revised plan, the consolidated budget tax revenue plan was 13 billion 271 million GEL, while the actual performance was 13 billion 380 million GEL.
"Compared to the revised plan, the excess was 109 million GEL, and compared to the original plan - 335 million GEL. At the same time, it should be noted that as a result of the introduction of the automatic VAT refund system, the amount returned in excess has exceeded 1 billion 930 million GEL, which is 100 million GEL more than the total amount returned in the last 11 years before the reform, "- said Lasha Khutsishvili.
As the Minister of Finance noted, the consolidated budget revenues were more than 15 billion 142 million GEL, which is 101.4% of the planned figure, the total consolidated budget revenues were 20 billion 950 million GEL, which is 101.7% of the planned figure, the state budget revenues. The mobilization amounted to more than 12 billion 750 million GEL, which is 101.6% of the planned figure, while the total figure of the state budget revenues exceeded 18 billion 369 million GEL, and the execution rate was 101.5%.
He said achieving similar parameters is the result of effective tax administration.
Source: Ministry of Finance of Georgia
See detailed information: https://mof.ge/en/News/9996
At the Government Meeting on January 10, 2022, the Prime Minister of Georgia stated:
"Economic growth projections reached 4.3% back then. Gross Domestic Product (GDP) was projected in the volume of 53.4 BLN GEL. Government Debt was projected above 60 percent of the GDP, while the consolidated budget deficit was forecasted to reach 7.6% of GDP.
2021 started at a quite difficult note: economic shortfall reached 11.5 percent in January. We were actually in the lock-down regime with a very high viral spread and unfortunate losses of human lives.
Nevertheless, the situation changed radically from March-April, when an economic growth indicator first turned positive in March and then reached an unprecedentedly high indicator in April at 44.8%. Foreign trade and other economic indicators started to improve quickly from the same period.
According to the preliminary data for the first 11 months of the year, economic growth reached 10.7% and the overall annual indicator is expected to get to 10.7%, which is 2.5 times higher compared to the original projection.
As a result of the high economic growth, nominal indicators of the GDP have increased considerably and reached 59.6 BLN GEL in updated projections compared to the originally forecasted 53.4 BLN GEL.
According to the overall data for the first 11 months of the year, export has grown by 26.7 percent, including the local export - by 28.7 percent; proceeds from tourism have increased by 112 percent compared to the previous year and exceeded the respective indicator of 2019 by 37 percent. It should be noted that since July, proceeds from tourism exceed 50 percent of the respective month in 2019 (55% in November); Net remittances in the first 11 months of the year increased by 25.4 percent. Current account deficit in the first 3 quarters of the year improved by 2.1 percentage points of GDP, including the improvement by 6.1 percentage points in Q3. We expect the annual current account deficit to be reduced to 10.5 percent in 2021, while returning to 5 percent over a medium-term" stated the Head of Government of Georgia.
As the Prime Minister of Georgia noted, economic recovery has enabled the Government to substantially improve the key fiscal parameters.
"Quick economic recovery has enabled us to substantially improve the key fiscal parameters and namely Government Debt has been reduced to 50% instead of the anticipated 60.1% as a share of GDP, while the consolidated budget deficit was originally planned to reach 7.6% and instead narrowed to 6.1% as a share of GDP. Thus, I once again wish to wrap-up by saying that we reached a double-digit economic growth in 2021" concluded Irakli Garibashvili, Prime Minister of Georgia.
Source: Press Service of the Government Administration
See detailed information: https://www.gov.ge/index.php?lang_id=ENG&sec_id=574&info_id=81119
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