GEORGIAN GOVERNMENT FORECASTS 5% GDP GROWTH IN 2023

At the meeting today, Georgian government considered budgetary and macroeconomic parameters for 2023.

At the meeting, Georgia’s Prime Minister Irakli Garibashvili declared that real economic growth is planned to be within 5% next year. More...

IN AUGUST, GEORGIA’S ANNUAL REAL GDP GROWTH MADE UP 10.5%

Sakstat released estimation, according to which Georgia’s real GDP growth in August, in comparison with the same month of last year, made up 10.5%. The average rate for 8 months of this year made up 10.3%. More...

AS OF JUNE 30, GEORGIA’S TOTAL EXTERNAL DEBT MADE UP 104.8% OF GDP

As of June 30, Georgia’s total external debt amounted to $22.3 billion, National Bank of Georgia (NBG) reported. This volume corresponds to 104.8% of the country’s GDP for the last 4 quarters. More...

IN Q2, GEORGIA’S CURRENT ACCOUNT DEFICIT MADE UP 4.2% OF GDP

National Bank of Georgia (NBG) reported that negative balance of the country’s international payments in the 2^nd quarter amounted to $252.1 million. The current account deficit decreased by 49% year-on-year, while its ratio to GDP decreased from 10.6% to 4.2%, NBG indicated. More...

AS OF JUNE 30, GEORGIA’S NET INTERNATIONAL INVESTMENT POSITION WAS NEGATIVE, MAKING UP 126.2% OF GDP

As of June 30, Georgia’s net international investment position made up negative $26.8 billion, reported National Bank of Georgia (NBG). This volume corresponds to 126.2% of GDP for the last 4 quarters. More...

NBG: PROFITABILITY OF GEORGIAN BANKING SYSTEM IN 2021-2022 REMAINED SOLID

National Bank of Georgia (NBG) indicated that profitability of Georgian banking system in 2021-2022 remained at a solid level. This is due mainly to low rate of credit loss, NBG said. More...

ACCORDING TO NBG’S BASELINE FORECAST, SHARE OF IDLE LOANS IS NOT EXPECTED TO GROW

National Bank of Georgia (NBG) indicated that along with recovery of the country’s economy, the share of non-performing loans (non-standard, doubtful and irrecoverable loans) is returning to the pre-pandemic level. In June, the share of such loans in total credits approached 5%, NBG reported. More...

“WISSOL GROUP” ACQUIRED TBILISI OFFICE BUILDING OF “PUBLIC BROADCASTER”

It became known today that the office building of Georgian Public Broadcaster, which was brought on electronic auction, was acquired by Wissol Group. The matter concerns a building with an area of 23,649 square m with a land plot, located in Tbilisi (Kostava Ave. 68). More...

Rezonansi: “WILL REAL ESTATE IN TBILISI RAISE IN PRICE FURTHER BECAUSE OF A NEW WAVE OF RUSSIAN MIGRANTS?”

In Georgia, especially in Tbilisi, the demand for apartments has grown so much that it is no longer balanced by the supply, the newspaper says. Such a situation in the country arose after the outbreak of the Russian war in Ukraine and continues today, the article notes. More...

Rezonansi: “NEW WAVE OF MIGRATION DID NOT HAVE A BIG IMPACT ON HOTELS AND RESTAURANTS”

Irakli Kokaia, head of Inn Group, says that the new wave of migrants has increased the demand for hotels in Georgia. “Not in the regions, but demand in Tbilisi is evident”, he notes. More...

Bankebi da Finansebi: “PRICE OF ONE SACK OF FLOUR DECREASED BY 13 LARI – WHAT CAUSED CHANGE OF PRICE?”

Levan Silagava, executive director of Georgian Wheat and Flour Producers Association, declared that price of wheat has declined on the world markets, and in Georgia the price of 1 sack of high-quality flour makes up 72 lari now instead of the previous 85 lari.

Two factors – the so-called corridor of Ukraine (delivery of grain from the ports of Ukraine) and very reach wheat harvest in Russia caused price reduction, Silagava said, noting that the floating customs duty in Russia has also decreased significantly. More...

MONTHLY TOURISM UPDATE (AUGUST 2022)

- Since the outbreak of the war in Ukraine, the border crossing statistics have revealed significant differences in the number of entries and exits by Russians, Belarusians, and Ukrainians. In August 2022, the difference between the number of entries and exits was highest for Russians, similar to the previous months. More...