Georgia’s economy has made monumental gains in the past two years and is on track to reach five percent growth in 2014, says the country’s Minister of Finance.

Nodar Khaduri met media representatives today and presented impressive results of Georgia’s growing economy and a report of the 2014 state budget performance.

He said based on latest available data, it was realistic the country would achieve its projected five percent growth in the Georgian economy.

In the first quarter of 2014 (January-March), Georgia’s gross domestic product (GDP) amounted to slightly more than 6.8 million GEL. This was 605 million GEL more than the same time in 2013 and 1.97 billion GEL more than in the first three months of 2012.

In addition, in the first four months of this year (January-April), Georgia’s GDP amounted 9.3 million GEL, which was 739 million GEL higher than the country’s GDP in the first four months of last year.

Minister Khaduri said between January and May this year, 2.786 billion GEL was mobilized in the state budget in the form of tax revenue - 130 million GEL more than the same period of last year.

Khaduri said the forecast amount of tax revenue of January to May 2014 was 101 percent higher than expected and current result exceeded the predicted outcome by 27.9 million GEL.

Before the meeting ended, the Finance Minister spoke about the income tax refund campaign, which started on April 1. Between April and May, 90 million GEL was returned to more than 300,000 citizens.

Source:agenda.ge