OUT OF $40M BROUGHT BY NBG ON CURRENCY AUCTION, $17.1M WERE SOLD

National Bank of Georgia (NBG) reported that out of $40 million, which it brought on the currency auction today, $17.1 million were sold. Weighted average exchange rate, fixed by results of this auction, made 2.633 GEL/USD. More...

IN 2022, CAPITAL INVESTMENTS IN GEORGIAN COMMUNICATIONS DECREASED BY 19%

Georgian National Communication Commission reported that in 2022, capital investments in the country’s field of electronic communications (mobile and fixed networks and broadcasting transit services) amounted to 236 million lari. If compared with 2021, the volume was decreased by almost 19%. More...

GEORGIA AND SWITZERLAND DISCUSSED DIRECTIONS OF ECONOMIC COOPERATION

On June 1, Georgian Ministry of Economy and Sustainable Development hosted a meeting with Helene Budliger Artieda, State Secretary for Economic Affairs of Switzerland.

As Georgian Ministry said, the parties considered the priority directions of bilateral economic cooperation, emphasizing positive influence of a free trade regime on bilateral trade. More...

GEORGIAN-AZERBAIJANI BUSINESS FORUM HELD IN TBILISI

Today, Tbilisi hosted Georgian-Azerbaijani business forum. During the event, Business Association of Georgia and Small and Medium Business Development Agency of Azerbaijan signed a memorandum of understanding. More...

IN 2024, GEORGIA TO HOST WORLD TOURISM DAY

The European Commission of the UN World Tourism Organization (UNWTO) named Georgia the country, which will host the World Tourism Day in 2024. The decision was made at the 68^th meeting of the Commission, which took place in Sofia (Bulgaria). More...

WITH THE 3^RD PLANE BASED IN KUTAISI, “WIZZ AIR” LAUNCHED FLIGHTS TO 5 NEW DESTINATIONS

The Hungarian low-coster Wizz Air returned the 3^rd based plane to the airport of Kutaisi and launched direct regular flights to 5 European destinations. These destinations include Frankfurt, Hamburg, Brussels, Madrid and Poznan. More...

NBG DEVELOPED GUIDEBOOK FOR USE OF OUTSOURCING CLOUD SERVICES

National Bank of Georgia (NBG) developed guidebook for use of outsourcing cloud services and published the draft today. Starting from July 1, requirements of this guidebook will apply to commercial banks and microbanks of the country. More...

GEORGIAN AGENCY OF INNOVATIONS AND TECHNOLOGIES NAMED 20 WINNER STARTUPS OF CO-FINANCING GRANT PROGRAM

Within the grant program of 150,000-lari co-financing, 20 winner startups are revealed, reported Georgian Agency of Innovations and Technologies. The program was announced on February 8 for the 10^th time. More...

Tabula: “UKRAINE PUT “GEORGIAN AIRWAYS” AND GAIASHVILI ON LIST OF SUBJECTED TO SANCTIONS”

Ukraine put Georgian carrier Georgian Airways and its founders Tamaz and David Gaiashvili on the list of subjected to sanctions. Since May 20, Georgian Airways conducts flights to Moscow. More...

Forbes Georgia: “EPRC PUBLISHES RESEARCH “GEORGIA’S ECONOMIC DEPENDENCE INDEX””

Research, conducted by Economic Policy and Research Center (EPRC), show that between 2007 and 2022, the index of Georgia’s economic dependence on authoritarian regimes increased by 20 percentage points. In particular, this index in 2007 made up 11%, while in 2022 – 30.9%. More...

Bankebi da Finansebi: “NEW REGULATIONS ENTER IN BREAD PRODUCTION – CHAIRMAN OF BREAD PRODUCERS ASSOCIATION EXPLAINS WHAT REQUIREMENTS THE PRODUCER SHALL MEET”

Since June 1, having Hazard Analysis and Critical Control Points (HACCP) system becomes obligatory to all business operators in Georgia, engaged in production, processing, selling of food.

Georgian National Food Agency specifies that new regulation is extended to such business operators, as food shop; bakery production; production of vegetable oil, mayonnaise, margarine; production and realization of baby food; trade in milk and dairy products; selling of fruits and vegetables; selling of honey; etc. More...

GEORGIA – LABOR MARKET OVERVIEW

CHALLENGES

Despite an all-time low, unemployment remains high in Georgia – the unemployment rate amounted to 17.3% in 2022¹.

Efficiency of the labor market has decreased – according to the Beveridge curve, labor market efficiency has decreased in the post-pandemic period compared to the pre-pandemic one. More...