In 2013, the expenses on infrastructure declined (-24%, -362 mln.GEL), but the expenses on social benefits increased (23.5%, 437 mln.GEL) compared to 2012. In 2014, planned expenses on social benefits (22.5%, 516 mln.GEL) and expenses on infrastructure (46%, 523 mln.GEL) are higher compared to the corresponding actual indicators of 2013.
In 2013 the negative external trade balance decreased (-9.1%, -500 mln. USD) compared to the corresponding indicator in 2012. In the mentioned period, the volume of export increased significantly (22.4%, 532 mln. USD), while the volume of import almost remained unchanged (0.4%, 32 mln. USD). In 2013, the external trade turnover with EU countries increased (3.5%, 97.8 mln. USD).
The completion rate of state budget in 2013 is 91%.Correspondingly, there is the lack of 608.9 mln GEL in state budget.
In 2013 Budget revenue decreased (-2.1%) compared to 2012. Tax Revenue (-0.2%) as well as grants (-23.3%) and other revenues (-13.3%) also decreased.
The completion rate of state budget in 2013 is 90.9%.Correspondingly, there is the lack of 632.3 mln. GEL in state budget1.
During the three quarter of 2013, the indicator of Tax burden (tax revenues/GDP) (25.3%) has not changed much in comparison with the corresponding indicator for 2012 (25.7%).
In November 22013, tax revenues increased in comparison with the November 2012 (3.6%).
In the third quarter of 2013, real GDP increased (1.4%) in comparison with the corresponding indicator in 2012. The largest growth was in agriculture (9.5%) and the largest reduction was in construction (-16.9%) sectors. In the third quarter of 2013, the volume of foreign direct investment increased significantly (19.9%). Thus, the lack of FDI was not the reason of reduction GDP growth rate.
This issue of “Economic Outlook and Indicators” analyzes the banking sector in the period of January-October 2013.
In October 2013 the volume of deposits, as well as the volume of loans to the National economy increased ( 22.6%; 12.6%)
in comparison with the indicators of the corresponding period in 2012.
This issue of “Economic Outlook and Indicators” analizes tax revenues in the period of January-October 2013 in comparison with the corresponding period in 2012. In October 2013, tax revenues reduced in comparison with the October 2012 (-10.5%). Revenues from VAT, Excise and Import taxes declined (-24.8%; -10.7%; -19.1%) and the revenues from Income, Profit and Property taxes (10.9; 47.9%; 9.7%) increased.
The growth rate of GDP in the first two quarters of 2013 is 1.9 %, which is lower than the indicator of the same period of 2012 (7.5%). It’s under the question to achieve the growth rate projected by either the Government of Georgia (6%, 4%) or by IMF (2.5%) for 2013. The structure of GDP by sectors did not change during the first two quarters of 2013.
This issue of “Economic Outlook and Indicators” analizes revenues from VAT, income, profit and excise taxes in the period of January-August 2013 in comparison with the indicator of the corresponding period in 2012. In August 2013, tax revenues reduced in comparison with the indicator of August 2012 (-6.7%).
In the second quarter of 2013, foreign direct investment increased in comparison with the corresponding indicator in 2012 (1.5%), as well as in comparison with the same indicator in the first quarter of 2013 (12.7%). It should be noted that in this period the growth rate of FDI,in comparison with the corresponding indicator in the previous year, was positive (1.5%) after the first quarter of 2012.