Georgia’s unemployment rate drops as economy shows remarkable recovery

Georgia Materials 23 May 2023 10:04 (UTC +04:00)
Georgia’s unemployment rate drops as economy shows remarkable recovery

BAKU, Azerbaijan, May 23. Georgian Minister of Finance Lasha Khutsishvili expects an increase in the employment of the Georgian population in the context of increased economic activity in the country, Trend reports with reference to the country's media.

According to the National Statistics Service of Georgia (Sakstat), the unemployment rate in the country during the first quarter of 2023 decreased by 1.4 percent compared to the same period in 2022 and amounted to 18 percent.

"The number of employed has also increased significantly, by about 70,000 people, and amounted to 1.27 million people. We expect that even more progress will be made in the future, as we see that economic activity is becoming even more active," Khutsishvili told reporters.

According to him, thanks to the economic policy of the government, as well as double-digit economic growth in the last two years, the country has historically the best rates in different directions.

"We have historically the best indicator both in the direction of employment and many other parameters in the country. The main determining factor of this is the economic policy and economic growth that has been in the last two years," Khutsishvili said.

The minister also noted that the improvement of economic activity greatly affects all economic parameters, including employment and unemployment reduction.

After the economy declined by 6.8 percent in 2020, a fairly rapid recovery process has been underway since April 2021, which is reflected in almost all economic parameters. This is an increase in exports and imports, money transfers, and an increase in the turnover of enterprises.

Moreover, in 2021-2022, GDP growth in the country was double-digit.

According to updated data, Georgia's economic growth in 2021 amounted to 10.5 percent, while the average real growth rate of the country's economy in 2022 was 10.1 percent.

In addition, real economic growth in the country in March this year was 7.3 percent year-on-year, while the average real GDP growth in the first quarter was 7.2 percent.