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DAILY NEWS May 6, 2016

EBRD REGIONAL DIRECTOR: EBRD WILL FUND THIS YEAR PROJECTS OF 400M EUR IN GEORGIA

Bruno Balvanera, regional director of EBRD for the Caucasus, Moldova and Belarus, declared that EBRD plans investment of about 400 million EUR in Georgia this year. Target areas for the investments are hydro energy, banking sector, municipal infrastructure and private sector, he said. More...


ECONOMIC COUNCIL CONSIDERED TOURISM DYNAMICS AND MACROECONOMIC PARAMETERS

Administration of the government reported about sitting of the Economic Council today, where tourism dynamics and macroeconomic parameters have been considered.

Macroeconomic parameters were presented by vice-presidents of National Bank of Georgia Archil Mestvirishvili and Otar Nadaraia. More...


NBG: 2015 WAS IMPORTANT CHALLENGE FOR LARIZATION PROCESS

2015 year was important challenge for larization process, annual report of National Bank of Georgia (NBG) states.

Devaluation of lari towards the US dollar substantially hampered growth of larization rate, observed in the past years, especially in case of deposits, NBG points. More...


THE GOVERNMENT DEVELOPED LEGAL AMENDMENTS TO CURB GROWTH OF MUNICIPALITIES’ ADMINISTRATIVE COSTS

The Parliament’s Committee on Regional Policy and Self-Governance has considered today the government’s legal initiative, which aims to curb growth of municipalities’ administrative costs.

The amendments, being considered in second reading, were presented at the Committee sitting by Tengiz Shergelashvili, Deputy Minister of Regional Development and Infrastructure. More...


COMMUNICATION COMMISSION PLANS TO BRING ADMINISTRATION OF COUNTRY CODE TOP LEVEL DOMAINS IN COMPLIANCE WITH INTERNATIONAL STANDARDS

Georgia’s National Communication Commission announced intention to bring administration of country code Top Level Domains (ccTLD, in case of Georgia – “.ge/.გე”) in compliance with international standards. For that end, the Commission has published recently offers, defining consultation period by 6 weeks (until June 8). More...


“EVACUATION POINT” TO BE ARRANGED AT MTSKHETA-STEPANTSMINDA-LARSI ROAD

Regional Development and Infrastructure Ministry reported about works, being underway in order to arrange so-called “evacuation point” on 136th km of Mtskheta-Stepantsminda-Larsi road, leading to Russian border. The works, which were started in June 2015, are planned to complete in 2016. More...


TBILISI CITY HALL: RISE OF K2 COEFFICIENT FOR RESIDENTIAL HOUSES TO BE RESTRICTED

Tbilisi City Hall declared that rise of K2 coefficient for residential houses will be restricted until development of general plan of land use in Tbilisi.

Draft amendments to regulation on territory usage and development in Tbilisi will be submitted to the City Council for approval today, the City Hall noted. More...


TBILISI CITY HALL: 30M LARI ALLOCATED FOR HEALTHCARE AND SOCIAL PROGRAMS IN Q1

Tbilisi City Hall reported that City Service of Healthcare and Social Services provided administration of 31 programs in the 1st quarter. For that end, the budget has allocated 30 million lari, the City Hall said. More...


NBG: NBG DOES NOT HAVE FULL INSURANCE OF OWN TRANSACTIONS’ TERMINATION OR LIABILITIES TO THE THIRD PARTY

Insurance industry in Georgia is in its development phase and many categories of insurance, available across the world, have not been accessible in the country so far, National Bank of Georgia (NBG) stated in its annual report.

As a result, NBG does not have full insurance of own transactions’ termination or liabilities to the third party, as well as insurance of environmental damage, inflicted due to mistakes in course of the banks’ operations, the report pointed. More...


TBILISI HOSTS “MERCEDES-BENZ FASHION WEEK”

Next Mercedes-Benz Fashion Week (May 5-9) is taking place in Tbilisi, in Zurab Tsereteli Modern Art Museum. The event is backed by Economic and Sustainable Development Ministry’s Agency for Entrepreneurship Development. More...


ECONOMIC PRESS MONITOR May 6, 2016

Tabula: “EBRD SUPPORTS STARTUPS’ FUNDING PROJECT IN GEORGIA”

“It is always a good idea to support young innovators and entrepreneurs”, declares Bruno Balvanera, EBRD director for the Caucasus, Moldova and Belarus. “This way, the state will support those young people, who are trying to establish companies, but cannot obtain financing from banking institutions”, he points. More...


Tabula: “MIKAUTADZE: IT IS BETTER TO LIMIT STATE PARTICIPATION IN STARTUPS”

“As a rule, such projects are risky and only small part of them will be successful”, says Gigla Mikautadze, director of Georgian Tax Payers Association, while commenting governmental initiative to establish fund for startups’ financing.

Therefore, Mikautadze considers that “State participation should be limited and the state should not assume the whole risk”. More...


Netgazeti.Ge: “RECONSTRUCTION OF ROSE REVOLUTION SQUARE WILL BE IMPLEMENTED ACCORDING TO GERMAN COMPANY’S PROJECT”

Development of territory of 8,000 square m nearby Radisson Blu Iveria hotel in Tbilisi will be carried out in line with project of German architect company Graftlab, the newspaper reports.

“Renewed Rose Square will be multi-functional public space”, web site of Graftlab declares. More...


SPECIAL REPORT April 5, 2016

GROSS DOMESTIC PRODUCTS - 2015

In 2015, according to the preliminary data, the real GDP growth rate of Georgia amounted to 2.8%.

In this period, the largest sectors according to production outputs were trade (16.6%) and industry (16.5%), but compared to the previous year their added value declined (-0.3% and -1.1%, respectively). More...


Exchange Rates (NBG)
  05/06/16 + / -
  USD   2.2134   0.0006
  EUR   2.5270   0.0034
  RUR   3.3432   0.0100
Announcements
Dear readers,

We are glad to inform you about resume of our old-suspended publication, Special Report. That contains original reports of consulting companies, working in Georgia, and covers broad range of issues – from macroeconomics to state policy analysis.

We do hope that those professional reports will greatly expand you knowledge and understanding of current state of Georgian economics. For sure, we will be happy to hear your opinions regarding this publication.

Sincerely,

Sarke Information Agency

Fujitsu Computer Systems Corporation

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