Parliament Approves 2024 State Budget
The Parliament of Georgia approved the 2024 state budget with 83 votes at its plenary session on December 15.
Key components of the 2024 budget include projections for economic growth of 5.2%, maintained by a consistent deflator rate of 3% throughout the year and beyond. The average inflation rate is expected to be 2.8%. The nominal Gross Domestic Product (GDP) is expected to reach GEL 86 billion, signaling growth compared to the previous year. The financial parameters of the budget show a planned deficit of 2.5% in the combined budget, and the debt ratio is expected to be 38.0% of GDP.
Tax allocations within the combined budget are set to increase by GEL 110 million, in parallel with an increase of GEL 106.6 million in the state budget. The combined budget of Georgia in 2024 is estimated to accumulate total revenues of GEL 28,357 million, with tax revenues accounting for a significant share of GEL 22,053 million. On the expenditure side, the consolidated budget is expected to amount to GEL 28,706 million.
As for the total revenue of the state budget of Georgia for 2024, it has increased by GEL 2 398.5 million in comparison with the approved plan of the budget for 2023 and is determined in the amount of GEL 24 569.5 million. The allocated amount for state budget expenditures is GEL 25,030.4 million, which shows a significant increase of GEL 2,719.1 million in comparison with the 2023 plan.
Ministry of IDPs, Labor, Health, and Social Protection Allocations:
- Additional GEL 29.2 million allocated to the Ministry;
- GEL 15.0 million allocated to the program for assisting internally displaced persons and migrants;
- GEL 14.2 million allocated to the public health protection program of the population;
- GEL 3 million added to the management of IDPs from the occupied territories, labor, health, and social protection programs.
Sectoral Allocations: - GEL 3.6 billion (13% of the resource) allocated for education and science programs;
- GEL 2.9 billion (10% of the resource) allocated for defense and security;
- GEL 2.9 billion used for servicing and covering state debts;
- GEL 1.2 billion allocated for environmental and agricultural programs;
- GEL 940 million allocated for financing culture and sports.
- More than GEL 7 billion allocated for the financing of infrastructure projects.
Also Read:
- 03/11/2023 – Cabinet Sends Revised 2024 Budget to the Parliament
This post is also available in: ქართული (Georgian) Русский (Russian)
