Home /

Blog Archives

Outcomes of Unreasonable Privatization

Government Loses 5 million GEL from Sales of Economy Ministry Building and Constructing New One. No Investments Made Yet. On June 26, 2015, the building of Ministry of Economy and Sustainable Development was sold for 9 450 000 USD. Physical body Tamar Maziashvili bought the building by auction. Later, it …

Read More »

Net Profits of Commercial Banks Shrink

According to National Bank of Georgia (NBG), net profits of commercial banks made up 47 993 000 GEL in June 2018. According to NBG indicators, the banking sector’s net profits halved year on year. According to the 2017 June indicators, the banking sector’s profits made up 95 882 000 GEL. …

Read More »

Georgia’s Foreign Trade Grows at High Paces

Georgia Has Positive Trade Balance with only Bulgaria among Top 10 Trade Partners. In January-June 2018 Georgia’s external trade turnover (excluding undeclared trade) made up 5 985.9 million USD, up 24.3% year on year. According to Geostat, national statistics service of Georgia, exports constituted 1 593.6 million USD (+28.5%) and …

Read More »

Georgian Economy Saw 7.5% Growth in May

According to preliminary estimations by Geostat, national statistics service of Georgia, in May 2018 Georgian economy grew by 7.5% and this is one of the highest figures under the ruling of Georgian Dream. According to Geostat, in January-May the economic growth constituted 6.1%, up 1.6% compared to the government’s forecast …

Read More »

Georgia Loses Leading Regional Position in terms of Economic Growth Pace

Armenia’s GDP Grows Twice Faster in 2018. Over the past 3-4 years, especially in 2017, government officials in Georgia frequently reiterate that despite low economic growth Georgia is a regional leader in terms of economic growth paces. Regretfully, the reality is different. According to Geostat, national statistics service of Georgia, …

Read More »

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. …

Read More »

Excessive Debt Stifling Georgia

Mamuka Bakhtadze: “Irresponsible lending pushed 630,000 citizens onto the black list” “Today excessive debts stifle the country. This is the only relevant appraisal that we can give to the current situation in terms of excessive indebtedness. It is an important source of impoverishment. On the one hand, it narrows incomes …

Read More »

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, …

Read More »

Fuel Prices Keep Rising

Current developments on the Georgian oil market suggest that fuel may soon become a luxury product. Last week, fuel prices rose at all branded stations. Specifically, prices increased by 2-9 Tetri. As of June 6, at the SOCAR network the price of one liter of super petrol was 2.58 GEL, …

Read More »

New Regulations for Credit Companies

New and fairer rules will be established in Georgia’s banking and finance sector to protect consumer rights, Minister of Finance Mamuka Bakhtadze said. The reforms are to establish new qualitative standards and support sustainable, long-term economic growth. Excessive indebtedness is a key challenge the reforms will address, as it is …

Read More »

Unemployment Declines Slightly

Employment rising since 2009, but citizens still complain about joblessness. In 2017, the unemployment index in Georgia declined by 0.1% compared to 2016, and was 13.9% in total. According to Geostat, the national statistics service of Georgia, the country is seeing a tendency towards reduction in unemployment. The unemployment level …

Read More »