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Economy

NEFCO to Allocate 2.8 Million Euros for Georgia

Georgia will receive financial support from the Scandinavian Environment Finance Corporation for improving energy efficiency of public buildings. The relevant agreement was signed by the Minister of Finance with NEFCO. Within the framework of the agreement NEFCO will allocate 2.83 million euros. The country will also receive grant worth of …

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Peach Picking Season Underway in Kakheti Region

Farmers in Kakheti Region have started picking peach. Two processing plants will buy peach in July. Despite the peach picking season has come to Kakheti Region, fruits processing plants have not opened yet, Gurjaani Mayor Archil Khandamashvili told the Commersant. Therefore, 80%-90% of the peach hearvest are exported. As to …

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Unique Tax Regime Comes into Force in Georgia

On July 3 the preferential tax regime came into force with the aim to promote small entrepreneurship. The new tax regime will be applied to about 120 000 physical entrepreneurs. According to the new initiative, the small business status will be conferred to entrepreneurs, whose consolidated annual revenues are about …

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Telavi celebrates EU Sustainable Energy Week 2018

In the framework of EU Sustainable Energy Week (EUSEW) 2018, an Energy Day was organised in the Georgian town of Telavi on 29 June 2018. The visitors and citizens of Telavi had the chance to participate in a marathon and attend a thematic exhibition of street drawings created by Telavi …

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Government Owns 53 Nonoperating Companies

As of 2014, LEPL National Agency of State Property at Ministry of Economy and Sustainable Development owned 451 state-owned companies, while the number has shrunk to 106 ones. National Agency of State Property told BM.Ge that currently minimization process of additional nonoperating companies are underway at the agency. Today, 53 …

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Survey that Sacrificed Prime Minister Kvirikashvili

UNICEF: Household Incomes Rose, Expenditures Declined, but Poverty Level Increased Anyway in 2015-2017 Increased poverty level, confirmed by the UNICEF survey, is named behind the resignation of Prime Minister Giorgi Kvirikashvili. UNICEF conducts Welfare Monitoring Study every second year. According to the research, poverty indicators in Georgia rose in 2015-2017. …

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Geostat Shares Rapid Estimates of Economic Growth

Geostat Publishes 2016 GDP Growth Final Indicators

The estimated real Gross Domestic Product (GDP) growth rate in May 2018 amounted to 7.5 percent y-o-y. An average estimated real GDP growth equaled 6.1 percent for the first five months of 2018 y-o-y. In May 2018 the estimated real growth, compared to the same period of the previous year, …

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Natia Turnava: Inflow of Long-Term Investments Grow

Volume of long-term investments are rising in the country over the past period, Natia Turnava, deputy executive director of Partnership Fund, noted. Activation of private players signifies that we have healthy and valuable business environment, Natia Turnava said. “Major infrastructure projects, airports or seaports projects cannot be implemented without long-term …

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How Much Tbilisi City Hall Spends on PR Services

Tbilisi City Hall to Cut Administrative Costs by 16 million GEL in 2017

Tbilisi City Hall will spend 2 393 294 GEL on information spread services through 2018, of which 881 580 GEL will be spent on salaries of staff of Agency of Public Communications Development. The agency employs 41 persons, including 23 workers are hired under labor agreements. In whole, Tbilisi City …

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Free Trade Agreement Signed between Georgia and Hong Kong

Free Trade Agreement was signed between Georgia and Special Administrative Region of the People’s Republic of China, Hong Kong on June 28. On behalf of the Government of Georgia, Deputy Minister of Economy and Sustainable Development of Georgia Genadi Arveladze and the Secretary of Commerce and Economic Development, Edward YAU …

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IMF Executive Board Concludes 2018 Article

The Executive Board of the International Monetary Fund (IMF) approved the completion of the second review of the three-year Extended Fund Facility (EFF) arrangement for Georgia. The EFF was approved on April 12, 2017 for an of SDR 210.4 million (about US$285 million or 100 percent of quota at the …

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