Investor Presentaiton
INVESTING IN INFRASTRUCTURE AND SPENDING LOW ON SOCIAL
BUDGET EXPENDITURES
Source: MOF, Geostat, forecasts as of 2nd draft of 2022 budget
EXPENDITURE BREAKDOWN: CURRENT VS. CAPITAL
Source: MOF, forecasts as of 2nd draft of 2022 budget
100%
25,000
50%
80.0% 81.7%
76.0%
78.1% 80.0%
72.5% 73.4%
74.2% 73.1% 72.2% 75.2% 76.0% 73.0%
20,000 32.3%
34.8%
40%
80%
29.4%
27.6%
15,000
29.4% 28.4% 28.6% 29.4% 28.2% 27.7%
32.4%
29.4%
30.9%
60%
30%
10,000
20%
40%
24.0%
27.5% 26.6%
20.0% 18.3%
21.9% 20.0%
25.8% 26.9% 27.8%
24.8% 24.0%
27.0%
5,000
10%
20%
0%
0%
Expenditures (current + capital), GEL mn
Expenditures (current + capital) as % of GDP
GOVERNMENT SOCIAL EXPENDITURE AS % OF GDP
Source: IMF, MOF
Current expenditures
Capital expenditures and net lending
GOVERNMENT CAPITAL EXPENDITURE AS % OF GDP
25%
2019 2020 2021F
10%
2019 2020E ■2021F
19.4%
7.9%
20%
17.4% 17.6%
14.6%
14.8%
15.7%
16.5%
8%
6.5%
15%
6%
10.1%
4.4%
4.6%
4.9%
3.7%
10%
8.0%
3.4%
4%
2.9%
3.0%
5%
2%
0%
0%
Latvia
Poland
Source: IMF, MOF
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