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PMCG: Business Sector Increased by 11.9%

According to PMCG, In the first quarter of 2015, the production in business sector increased by 11.9%.

In comparison with the first quarter of 2014. In this period the average monthly remuneration of employed individuals increased by 72.6 GEL and the number of employees in the business sector increased by 49 661 unit.

In the first quarter of 2015, construction has the largest contribution (4.1 percentage point) in the total production growth in business sector.

In this period, production in business sector increased in all economic sector. Among them, the highest growth of production is in the following sectors: construction (38.5%), real estate (23.8%), transport and communication (8.2%), trade (6.0%) and industry (4.4%).

In the first quarter of 2015, the total volume of Foreign Direct Investments (FDI) declined (-33.9%; -90 mln. USD) compared to the first quarter of 2014. But FDI increased in the some sectors: hotels and restaurants (9.2 times), construction (4.3 times), transport and communication (3 times), agriculture and fishing (39.5%) and mining (20.5%).

In this period, the most attractive sector for foreign investors appeared to be transport and communications (83%; 146.3 mln. USD). The share of this sector in total production was 14.8% in 2014. Construction had the similar share in total production (15%) but this sector attracted only 25.4 mln. USD FDI.

In the first quarter of 2015, production increased in all regions except Kakheti (-11.9%) and Samtskhe-Javakheti (-0.9%). The leading regions in terms of production growth in Georgia were: Tbilisi (63.5%), Kvemo Kartli (9.3%) and Adjara (7.9%). The highest flow of FDI was also in these regions: Tbilisi (87.2 mln. USD), Kvemo Kartli (23.5 mln. USD) and Adjara (38.8 mln. USD).

In the first quarter of 2015, the structure of employed individuals by economic activity in business sector is similar to the corresponding period in 2014. The largest share of individuals are employed in the trade sector (24.5%). The number employed individuals increased in all economic sectors. Among them the largest growth recorded in the following sectors: construction (30.8%), hotels and restaurants (22.9%), trade (16.9%) and agriculture (13.9%).

In this period, the average monthly remuneration of employed individuals is recorded to be 851.7 GEL. The highest monthly salary recorded in transport and communication (1119.3 GEL) and the lowest in education (533.9 GEL) sector. Compared to the first quarter of 2014, the average monthly salary increased in all economic sectors. The highest growth of salary are in the following sectors: real estate (202 GEL), health and social work (150.2 GEL), construction (103.5 GEL) and education (92.3 GEL).