Page 31 - GEORptNov19

exports to Russia in 2018. And these products accounted for 65% of Russia's total exports to Iran.
Iranian customs data show Iran traded 2.67mn tonnes of non-oil commodities worth $1.62bn with Russia during the 2018/2019 Persian year (ended March 20), registering 41.48% and 59.13% year on year growth rates in tonnage and value, respectively.
The meeting with the North Ossetians comes weeks after ​South Ossetia, a territory that has broken away from Georgia with Russia’s backing, attempted soft diplomacy​ ​with Tehran, Shahr Online reported on July 29.
South Ossetia’s Minister of Foreign Affairs Dmitry Medoyev said in an interview with the Persian-language news website that he hoped to boost relations with Iran, but he did not discuss how he would get around the blockade from Georgia which does not accept South Ossetia's self-declared independent status.
6.0​ Public Sector 6.1​ Budget
Georgian sketches 2020 budget envisaging 2.7% of GDP deficit
Georgia’s government has sketched its 2020 budget planning based on assumptions of 5% GDP growth next year and the targeting of a deficit of 2.7%-of-GDP in line with this year’s target, Business Media ​reported​, citing finance minister Ivane Machavariani.
The public debt to GDP ratio would under the given scenario reach 45%. Budget expenditures are planned at GEL16bn in 2020. Current expenditure would be GEL11bn , infrastructure expenditure would be GEL3.7bn and debt repayment costs would be GEL1bn, according to the broad distribution of expenditures.
GDP is expected to reach GEL48.5bn, or $16.3bn, on an estimated average exchange rate of GEL2.98 to the USD.
The figures will be adjusted in line with the latest exchange rate projections at the time the government completes its budget planning.
Georgia Central Government Budget
(GEL mn)
2016 Actual
2017 Actual
2018
Revenues
8,580.0
9,750.4
10,595.6
Tax revenues
7,986.8
8,991.3
9,695.9
Grants
296.8
289.9
339.4
Other revenues
296.4
469.2
560.3
Expenditures
8,741.8
9,372.1
9,543.7
Compensation for employees
1,452.3
1,385.4
1,407.6
Use of goods and services
1,117.8
1,248.5
1,288.3
Interest Expense
397.7
476.6
513.1
31​ GEORGIA Country Report​ November 2019 ​ ​www.intellinews.com