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Staff Cuts and Growing Salaries

The 2019 State Budget Grows Pensions by 20 GEL, as well as Salaries of Policemen, Rescuers and Firefighters.  The 2019 state budget is planned to amount to 12 729 700 000 GEL. This is the initial variant of the main financial document of the country that the Government has already submitted to the …

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Georgia is Emerging Europe’s Most Economically-free Country

The Fraser Institute has published the 2018 world economic freedom report, which appraises the 2016 period of World Economic Freedom. The report comprises indicators of 162 countries due to various criteria, including – government size, simplicity in doing business, property rights and judicial system, as well as regulation burden and …

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Competition on Banking Market Shrinks Year to Year

The banking sector is the key and biggest segment in Georgian economy. Despite commercial banks are considered as locomotives of the state economy, criticism against crediting institutions has been growing over the past years. Georgian citizens express complaint in many directions, including against expensive credits, high commission fees and fines, …

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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 …

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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. …

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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 …

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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 …

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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, …

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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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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 …

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