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Economy

Partly Suspension of Vintage Subsidization Damages the Sector

Bustling vintage has become a traditional environment in Georgia. For many years peasants accustomed to state subsidies and they frequently find grape prices unacceptable. This year Government plans to suspend state subsidization of vintage in Kakheti Region. The program will be maintained in Racha-Lechkhumi Region for Khvanchkara varieties – Aleksandrouli …

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Solar Panels Production to Begin in Kutaisi

Negotiations on the production of solar panels in Kutaisi free industrial zone are at the final stage. Soso Nibladze, Chairman of TIZ, says at Business Course that at this stage negotiations are going on to attract financial resources to start production with foreign and Georgian partners. The project is implemented …

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Internal Debt – More Expensive than External Debt

State Budget Pays 0.5 bln GEL to commercial banks for Serving debts. Georgia’s state debts account for 13.8bln GEL as of May 2017, including external debts total 11.2 bln GEL, while internal debts account for 2.5bln GEL. It is worth noting that over the past years  state debts comply with …

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Electricity Exports Annual Growth Records 8.6%

Electricity exports in June rose by 8.6% to 230.1 gw/hour. According to G&T, total exports of electricity in 1H17 rose by 7.4%. Electricity exports to Turkey declined by 38.8%, while the previous year’s basis was quite high (+23.1 year on year). Electricity exports to Turkey constituted 28.3% of total exports. …

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Partnership Fund to Finance Green Projects

Partnership Fund to Finance Green Projects

Partnership Fund will intensify efforts in terms of financing green projects. Green Climate Fund plans to pass accreditation to actively participate in financing green projects. The Partnership Fund executive director and the director of KfW South Caucasus regional office discussed cooperation in green climate field at the meeting that was …

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Annual Inflation Declined to 6% in July

Annual Inflation Declined to 6% in July

The consumer basket has cheapened in Georgia. Geostat, national statistics service of Georgia, noted that deflation constituted 0.9%. The figure has made influence on consumer basket and the inflation dropped to 6%. The contraction marked 1.1% month on month. In the reporting period prices for food and non-alcoholic beverages decreased 2.6 percent …

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July Records Inflow of 1 Million Visitors

July Records Inflow of 1 Million Visitors

Tourism sector is being developed dynamically, the director of National Tourism Administration noted when introducing statistical indicators. Giorgi Chogovadze noted that in July 982 487 visitors arrived in Georgia and year on year growth made up 28.5%. As to the upturn in tourist inflow in January to August period, the …

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Anaklia Development Consortium Signs Agreement with US-based SSA Marine

In a coinciding visit to Tbilisi, United States Vice President Mike Pence highlights the US-Georgia collaboration at the heart of the port project. Anaklia Development Consortium (ADC) today signed an agreement appointing SSA Marine as terminal operator for the Anaklia Deep Water Black Sea Port’s container terminal, which will establish …

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GEL/USD Turnover Shrinks on Currency Market

GEL/USD Turnover Shrinks on Currency Market

GEL/USD turnover has shrunk on currency market. Without NBG interventions (70 million USD), in June the contraction constituted 29% month on month (-33 million USD).  According to Monthly Review of NBG, number of deals between market players has decreased (-32% month on month; -19% year on year). Currency market concentration …

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