May 11, 2022 / 01:00PM GMT
Archil Gachechiladze - Bank of Georgia Group PLC - CEO & Director
(technical difficulty)
Sorry for technical difficulties here, apparently I was on mute. So on Georgian macroeconomic developments, it was a pretty good quarter. We had 14.4% growth in the first quarter, which was driven by good growth in exports and remittances have stayed up regardless of a relative drop in reduction in March, obviously given the regional issues and the war in Russia and Ukraine.
So the tourist numbers have gone up and have registered 68% of the 2019 number, which was peak on the record in terms of tourist revenues. So all in all, it was regardless of the regional problems that we are all facing, the first quarter was a very good one economically speaking, partly due to the low base last year. But regardless I think overall, the performance has been good.
Now in terms of the tragedy that is happening in our neighborhood, also has economic impact and the economic impact on one side is basically those are the different types of impact that we have from Russia and from Ukraine. So we import
Q1 2022 Bank of Georgia Group PLC Earnings Call Transcript
May 11, 2022
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