At a joint session of the Foreign Relations, Diaspora and Caucasus Issues, and European Integration Committees, members reviewed the Annual Report on the Execution of the 2024 State Budget, presented by First Deputy Minister of Finance Giorgi Kakauridze.

In his presentation, G. Kakauridze discussed last year’s macroeconomic indicators and key parameters of budget execution.

"We initially planned the 2024 budget based on a projected economic growth of 5.2%. However, due to stronger-than-expected economic performance, forecasts were revised, and the final growth rate reached 9.4%", - G. Kakauridze stated.

He further emphasised that robust economic growth was largely driven by the private sector.

"Last year, foreign trade increased by 8.3%, amounting to USD 23.484 billion. Exports totalled USD 6.56 billion, while imports reached USD 16.924 billion. In 2024, the European Union accounted for 22.1% of total trade turnover", - G. Kakauridze noted.

The First Deputy Minister also reported an increase in tourism revenues.

Additionally, G. Kakauridze informed committee members on the budget execution and absorption rates across various ministries, with particular focus on the Ministry of Foreign Affairs, where performance across all programmes was strong.

Kakauridze also outlined projections for economic dynamics in 2025 and presented the main macroeconomic forecasts for the next four years.

Chairman of the European Integration Committee, Levan Makhashvili, assessed the report positively, highlighting several key aspects in his remarks.

He stressed that the budget outcomes reflect the results of sound economic and peace-oriented policies, especially given the challenging international environment in which Georgia operates.

He also underscored that the EU's share in Georgia’s total trade turnover stands at 22.1%.

"It is significant that the European Union remains Georgia’s main trading partner. For businesses to export their products, they must meet EU standards, which fosters the adoption of European norms in Georgia and deepens trade and economic ties between Georgia and the EU. It also strengthens local production and the country’s investment potential.

The forecasts align with our national ambitions—this is a fact, even if some are reluctant to acknowledge it. Our goal is to ensure that by 2030, the country is ready for EU membership. This is not an empty promise, as some may suggest; EU membership entails concrete regulations, reforms, and substantial investments. Every ministry is focused on preparing the country for EU accession through these reforms. These standards also improve living conditions in Georgia. Clearly, the country is making progress, and this supports the EU integration process as well", - L. Makhashvili stated.

The joint session of the committees took note of the report.