Georgian PM, Economic Council members discuss inflation, economic growth

Georgia Materials 4 March 2023 09:46 (UTC +04:00)
Georgian PM, Economic Council members discuss inflation, economic growth

Georgia’s economic growth, a draft law on fair trade that aims to reduce food and oil prices, and the development of countrywide spatial planning were discussed in a Government session led by Prime Minister Irakli Garibashvili, Trend reports with reference to Agenda.

The PM’s office said members of the Government’s Economic Council discussed the annual inflation level - observed at 8.1 percent in February - and noted overall prices had been decreased by 0.3 percent compared to the preceding month.

They also highlighted the “high rate” of economic growth in January and pointed out the domestic inflation had passed its peak period, with a decreasing trend observed since May 2022.

A draft bill for ensuring reduction of domestic prices on food and oil was also reviewed, with Council members discussing specific steps for the initiative and noting prices on fuel had been reduced by ₾0.30-0.40 ($0.11-0.15) in February.

Introduction of the Euro 5 emissions standard for vehicles - which is set to limit imports of cars not compliant with the standard starting in 2024 - was also noted, with the move designed to limit harmful emissions.

The Council also reviewed ongoing and planned infrastructural work for providing gas supply to regions of the country, as well as the development of spatial planning and resorts for “economic progress and stimulation”.

The agenda also included the project for the Anaklia deepwater port construction on Georgia’s Black Sea coast, with an international tender for investors already announced. Construction works for the project are expected to start this year.