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Economy

Gross Domestic Product of Georgia I quarter, 2018

GDP Geo

In Q1 2018 the real growth rate of Gross Domestic Product (GDP) amounted to 5.3 percent year-on-year, while the GDP deflator increased by 4.3 percent. The nominal GDP totaled GEL 9 150.2 million. Real growth was registered in the following activities: Real Estate, Renting and Business activities (13.4 percent), Other …

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Downturn in FDI – A Warning to Investors?

According to preliminary indicators by Geostat, the national statistics service of Georgia, foreign direct investments (FDI) in the first quarter of 2018 were 279.3 million USD, down 32.9% compared to preliminary indicators from the first quarter of 2017. According to Geostat, the downturn emerged after several enterprises changed ownership to …

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Kvirikashvili’s Effect Lasted Only Two Years

Economic growth under Irakli Gharibashvili’s government was 3.75%; Kvirikashvili raised the rate to 3.9%. Prime Minister of Georgia Giorgi Kvirikashvili has filed a resignation referring to different visions between him and the ruling economic team on economic policy issues. “The ruling team and I have different positions regarding certain subjects, …

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Hydro Power Plant Construction Works Underway in Lakhami

Turkish construction company Synergy has been constructing the Cascade of Lakhami 1 HPP and Lakhami 2 HPP in Svaneti. The project has been developed by Energy Solution company. Energy Solution director Giorgi Abramishvili told BM.Ge that installed generation of the mentioned facility is 16 megawatts and investment value makes up …

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Takehiko Nakao President of Asian Development Bank Visits Georgia

President of Asian Development Bank, Mr.Takehiko Nakao visits Georgian capital Tbilisi. Mr.Nakao met with ex minister of finance of Georgia Mamuka Bakhtadze yesterday and the president of National Bank of Georgia, where parties discussed current and upcoming projects, evaluated success of cooperation and talked about ADB’s importance on Georgian economy. …

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Unclear Details of Anaklia Port’s Infrastructure

SSA Marine: Anaklia Will be the Most Modern Deep Water Sea Port in the Black Sea Basin

When will the state fulfill its obligations and when it starts from the Anaklia port access infrastructure is still unclear. However, there is no project yet. For the sixth month, the agency has been trying to find a way through a tender that will project the road and rail line …

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Georgia’s Visitor Spending Increased This Year

Expenditure has increased for visitors- shows Geostat research. According to year’s first quarter data, visitors’ expenses exceeded 120 million GEL, when it was 112 million GEL in the corresponding period last year. During the reporting period, average expenditure has been increased by 7.5 GEL and amounts 122,3 GEL. The biggest …

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Georgia Exports 1 242 744 liters of Mineral and Spring Waters to Israel

In 2017 Georgia-Israel trade turnover made up 20.2 million USD, up 5 million USD compared to the 2016 indicator. According to Geostat, national statistics service of Georgia, Georgia-Israel turnover in January-April constituted 14.1 million USD. As to exports and imports, Georgia has negative trade balance with Israel. Namely, in 2017 …

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New Airline Entered Tbilisi International Airport

On June 13, new Saudi Arabian low cost air company Flynas has performed inaugural flight on the route Riyadh Tbilisi. Today airline will perform another first flight from Jeddah. For summer season flights from Riyadh and Jeddah will be performed three time a week on Wednesdays, Fridays and Sundays by …

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