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Economy

Kartli Wind Power Station Produces 9,365,860 kWh

The electricity generated by the Kartli wind power plant in April of this year amounted to 9,365,860 kWh, which exceeds the 1,965,860 kWh predicted in the previous month. The Kartli wind power plant is the first such alternative energy project in Georgia and its installed capacity is 20.7 megawatts. The …

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Germany to Allocate 252.7 million EUR to Georgia

Germany

As part of consultations with Government of Germany in autumn 2017, we have agreed to cooperate in the priority directions that will ensure further development of Georgia, Minister of Finance Mamuka Bakhtadze after signature of agreement on financial cooperation. Minister of Finance Mamuka Bakhtade expressed gratitude to German Ambassador for …

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European Investment Bank Plans to Invest €400 million

The European Investment Bank will invest €400 million in Georgia, and the largest amount will be spent on infrastructural projects. Vazil Hudak, the Vice President of the European Investment Bank stated this on the TV program Business Morning Today. “Around €400 million will be invested in Georgia, and € 250 …

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Georgia-EFTA Free Trade Agreement Comes into Effect

On May 1, 2018 the free trade agreement between Georgia and European Free Trade Association (EFTA) came into force with all member countries, Ministry of Economy and Sustainable Development of Georgia told the Commersant. The agreement was put into action with Norway and Iceland on September 1, 2017, while today …

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Asian Development Bank to Finance Construction of Khevi-Ubisa Section

Asian Development Bank to Finance Construction of Khevi-Ubisa Section

The Asian Development Bank (ADB) will finance construction of Rikoti Pass road, Khevi-Ubisa 12.2 km section. The First Deputy Minister of Regional Development and Infrastructure of Georgia Irakli Karseladze, along with representatives of Asian Development Bank discussed the issue of financing of the Khevi–Ubisa section, reviewed the progress of the …

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Energy Community Secretariat Presents Electricity Supply Rules in Georgia

Experts from the Energy Community Secretariat presented draft rules for electricity supply to the National Energy and Water Supply Regulatory Commission (GNERC) and distribution system operators in Georgia. The adoption of the rules, which were developed under the framework of the EU4Energy project, is a necessary part of the electricity …

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External Trade Grows

Exports experienced a 28% increase, while imports grew by 21% in 1Q18. In the January-March period, Georgia’s external trade turnover (excluding undeclared trade) totaled 2.8 million USD, up 23.3% from last year, including exports totaling 740.3 million USD (up 28.4%) and imports amounting to 2,083.4 million USD, up 21.6%. Georgia’s …

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Georgian Parliament Tests Committee Inquiries

Today, Members of the Georgian Parliament learned how to hold Committee Inquiries based on the practices of the British Parliament. The information session was held on April 30, 2018, and was facilitated by an international expert from the Westminster Foundation for Democracy (WFD) invited by the United Nations Development Programme …

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Economic Growth in 1Q18 Marked 5.2%

GDP growth pace in March 2018 constituted 5.6% year on year, while the 1Q18 real averaged growth made up 5.2%, according to a preliminary report. According to Geostat, national statistics service of Georgia, in March 2817 a significant growth was recorded in social, personal and communal services, processing industry, transport …

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Gayle Allard: Rigid Labor Markets Reduce Productivity

Gayle Allard

Despite strong growth over the last years, a number of factors will inhibit growth over the next years, according to Professor Gayle Allard, Professor of Economics at IE Business School. Data show that economies with greater inequality grow slower than those with less inequality. This runs counter to theses which …

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Oil Companies Sell Fuel for 35 Tetri More to Retail Clients

fuel

Gulf earns 30 Tetri from sales of only one liter of fuel. Economists and field experts have long been talking about the drawbacks and unhealthy environment of the fuel market. As a rule, oil companies do not accept criticism. Their lobbyists frequently assert that the companies receive minimal profits, and …

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Georgia’s Energy Independence: the Outlook

Energy independence and energy efficiency represent one of the crucial challenges for Georgia. Gia Arabidze, energy department dean of Georgia Technical University talks on energy independence to “Business Morning”. – Gia, it has become common knowledge that energy independence is of utmost importance. How can we react to this challenge …

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