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July Recorded 4.6% Upturn in Economy

According to early estimations, compared to the same period of 2017, in July GDP growth pace constituted 4.6%. According to Geostat, national statistics service of Georgia, the January-July the averaged real growth made up 5.5%. According to preliminary estimations, significant year on year growth was reported in the fields of …

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First Georgian Jamon Made by Pork in Kakheti Introduced

Specialists of the Agricultural Research Center received the first Georgian Jamon. After joint cooperation with the Spanish company “Deraza Iberiko” and Partnership Fund, it has been the first Georgian Jamon at the Research Center Jigura Base. The center claims that the production of Jamon technology from Kakheti pork meat is …

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Mikheil Dundua Appointed As Head of Revenue Service

Mikheil Dundua

Mikheil Dundua has been appointed as head of Revenue Service of Ministry of Finance. He replaced Giorgi Tabuashvili who held the office from 2014. From May 2018, Mr.Dundua was the deputy minister of MOH. Education: 2014 – Doctor of Caucasus School of Economics at Caucasus University 2001-2003 – Tbilisi State …

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Georgia is Regional Leader in Establishing International Aviation Standards

According to the ICAO audit’s report, Georgia is a regional leader in terms of establishment of international aviation standards and supervision. The Civil Aviation Agency explains that ICAO has explored audit’s report for civil aviation and transport accidents investigation felds, as well as proofs obtained by auditors. According to the …

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Infrastructural Projects Government will Finance Additionally

On August 29 Government members discussed the issue of allocating additional financial resources for improving infrastructure at resort zones, Georgian Prime Minister Mamuka Bakhtadze said. Kobi-Gudauri skiing tracks and counter-avalanche systems will be arranged, Ureki old boulevard will be rehabilitated and construction works will start for new boulevard, Bakhtadze said. …

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Economic Activity Strengthened Further in the Frst Half of 2018: IMF Says

Mercedes Vera-Martin

An International Monetary Fund (IMF) team, led by Ms. Mercedes Vera-Martin, visited Tbilisi during August 21-27, 2018 to discuss recent economic and financial developments and progress with structural reforms. At the end of the visit, Ms. Vera-Martin issued the following statement: “Economic activity strengthened further in the first half of …

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Nenskra HPP will Pay Annual 12 million GEL to Mestia Municipality Budget

The company implementing Nenskra HPP project plans to finance various projects in Mestia municipality. On August 23, Nenskra Hydro and Mestia municipality signed a corresponding memorandum on cooperation. Mestia municipality Mayor Kapiton Zhorzholiani talks about the memorandum details with BMG. -What are specific details of the cooperation memorandum and how …

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Ekaterine Mikabadze: Fitch’s Assessment is due to Favorable Business Environment

The rating company Fitch left Georgia’s credit rating at “BB-” level with a positive perspective. Ekaterine Miqabadze, Deputy Minister of Economy and Sustainable Development stated that the rating company positively evaluates the current situation in Georgia due to the provision of a favorable business and governing environment and maintaining macroeconomic …

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Fitch Affirms Georgia at BB-; Outlook Positive

Fitch Ratings has affirmed Georgia’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘BB-‘. The Outlook is Positive. A full list of rating actions is at the end of this rating action commentary. Georgia’s ratings are supported by governance and business environment indicators that are above the current medians …

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Domestic Electricity Consumption Grows by Annual 12.6% in June

ENERGY, Electricity

In June 2018 domestic consumption of electricity rose by 12.6%. The growth constituted 8.4% in the first half of 2018. Domestic consumption increased as a result of increased consumption among direct consumers and distribution companies. Annual growth among direct consumers made up 34.7%, which is 18% in total domestic consumption. …

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